Advocacy group pushes back on banks’ lawsuit against OCC over charters
CCI CEO Ji Hun Kim said that the organization “remains confident“ in the OCC’s approval of charters for crypto companies, despite a recent lawsuit and pushback from some lawmakers.
The Crypto Council for Innovation (CCI) has defended the Office of the Comptroller of the Currency's (OCC) decision to grant several charters to crypto companies. CCI CEO Ji Hun Kim stated that the ICBA lawsuit was an attempt to hinder innovation in financial services. The ICBA legal action, filed in the US District Court for the District of Columbia, claimed that the OCC granted US bank charters to entities, including crypto companies, without adequate safeguards or compliance with standard banking requirements.
ICBA president and CEO Rebeca Romero Rainey argued that the national trust charter was not intended as an alternative route into the banking system for crypto firms without the necessary obligations, such as Community Reinvestment Act requirements, consolidated supervision, capital and liquidity standards, and FDIC insurance. The OCC had approved or conditionally approved applications from various crypto companies, including World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos, under President Donald Trump.
These approvals have faced criticism from lawmakers, with some members of the Trump family being involved in the crypto company World Liberty Financial, which has been under investigation for alleged ties to the royal families of the United Arab Emirates.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
