bit.fanBit.FanWeb3 News · Betting Reviews · Market Insights
‹ BackNewstrust charter

trust charter

Policy Regula
2026-10-02 21:26:16

ICBA Sues OCC Over Crypto Trust Charters, Says Agency Exceeded Its Authority

The Independent Community Bankers of America filed suit in federal court on Friday against the Office of the Comptroller of the Currency, arguing that the regulator exceeded its statutory authority by issuing national trust bank charters to crypto companies. The group said the OCC is asserting broad powers not authorized under the National Bank Act and allowing those firms into the U.S. banking system without subjecting them to the same regulatory obligations faced by community banks. ICBA said that leaves smaller banks at a serious competitive disadvantage. The trade group, which represents small institutions and is one of the largest banking advocacy organizations in the United States, has also opposed stablecoin provisions in the Digital Asset Market Clarity Act. ICBA President and CEO Rebeca Romero Rainey said Congress did not create the national trust charter as a back door for crypto firms seeking the credibility of a federal bank charter while avoiding equivalent requirements on capital, liquidity, supervision, and Federal Deposit Insurance Corporation insurance. An OCC spokesperson told CoinDesk the agency would not comment on the litigation.

70
ICBA Sues OCC Over Crypto Trust Charters, Says Agency Exceeded Its Authority
Circle
2026-07-31 15:32:02

Circle Wins New York Trust Charter as USDC Issuer Adds Another Regulatory Approval

Circle, the issuer of the USDC stablecoin, has secured a limited purpose trust charter from the New York Department of Financial Services, adding a fresh state-level approval as it expands its regulated footprint. The company said it will operate under the new charter as Circle New York Trust, building on the BitLicense it obtained in 2015. CEO Jeremy Allaire described the approval as a longstanding goal and a key milestone for the firm, saying it reflects more than a decade of regulatory commitment and places USDC within a well-established framework. The charter puts Circle New York Trust under NYDFS supervision, though the entity will not be able to take customer deposits or make loans like a traditional bank. Instead, it can offer services including digital asset custody and fiduciary functions under New York banking law. After the announcement, Circle shares climbed 8.4% to about $68.40, according to Yahoo Finance. The approval comes after other recent steps by the company, including OCC approval earlier this month for a national trust bank application and Monday’s acquisition of IBM’s blockchain patent portfolio, which added nearly 1,000 patents tied to blockchain, financial services, and enterprise software.

690
Circle Wins New York Trust Charter as USDC Issuer Adds Another Regulatory Approval