US banking lobby groups are blocking crypto firms from obtaining federal trust bank charters.

BlockBeats news, October 3rd — The bank lobbying group "Independent Community Bankers of America," which previously opposed the CLARITY Act, has recently sued the Office of the Comptroller of the Currency (OCC), arguing that it lacks the legal authority to grant national trust charters to cryptocurrency companies. "Congress did not intend the national trust charter to serve as a backdoor for cryptocurrency companies to enter the banking system," said Rebeca Romero Rainey, CEO of the Independent Community Bankers of America (ICBA).

The Office of the Comptroller of the Currency (OCC) has approved trust charters for cryptocurrency companies including Coinbase, Circle, and, as well as the Trump-related World Liberty Financial.