Wall Street Banks Consider Suing OCC Over Crypto Bank Charters

The U.S. Office of the Comptroller of the Currency’s national trust bank charter allows companies to provide asset custody and other services across state lines. Charter holders cannot accept retail deposits or make loans, however, and are not covered by federal deposit insurance. The Bank Policy Institute, which represents 40 major banks including JPMorgan Chase, Goldman Sachs and Citi, argues that the charters create a two-tier system by allowing crypto companies to offer bank-like services under lighter regulation. No transaction amount is involved in the case.

BPI asked the OCC in October 2025 to reject applications from Circle, Ripple, Paxos and other companies. The OCC nevertheless conditionally approved five charter applications on December 12, including Circle’s proposed First National Digital Currency Bank and Ripple National Trust Bank. Reports on March 9, 2026, said BPI was considering a lawsuit, bringing the regulatory dispute closer to a court battle.