Bank Policy Institute considers lawsuit over OCC crypto charter move: report

A dispute between traditional banks and crypto firms could soon move into the courts, as a major US banking lobby group weighs legal action against the Office of the Comptroller of the Currency over its recent approvals of national trust bank charters for digital asset companies.

According to a report by The Guardian, the Bank Policy Institute, a trade association representing some of the largest US lenders, is considering suing the OCC over what it views as a controversial reinterpretation of federal licensing rules. 

A source familiar with the group’s internal discussions said the organisation is evaluating legal options after the regulator moved ahead with approvals despite repeated warnings from banking groups and state regulators.

The BPI argues that allowing crypto companies to operate under national trust bank charters could introduce new risks to both consumers and the broader financial system. 

A national trust bank charter would allow approved crypto firms to operate as federally licensed trust banks and provide fiduciary services such as custody and asset safekeeping without functioning as full-service deposit-taking institutions.

The dispute centres on decisions made by the OCC under the leadership of Comptroller Jonathan Gould, who was appointed by President Donald Trump.

In December, the regulator issued conditional national trust bank charter approvals to several crypto-focused firms, including Ripple, BitGo and Paxos.

Since then, more companies have pursued similar licenses, as interest in the regulatory pathway has grown.

As of March 2026, Anchorage Digital Bank remains the only crypto-native firm to have successfully transitioned from a conditional approval to a fully operational national trust bank with a final charter.

The Bank Policy Institute, whose members include major financial institutions such as Goldman Sachs, American Express and JPMorgan, has previously warned that granting these charters could weaken regulatory safeguards. 

In an October statement, the group urged the OCC to reject applications from crypto companies, including Ripple and Circle, arguing that such approvals would allow firms to offer bank-like services under a lighter regulatory framework than that applied to full-service national banks.

The Guardian reported that the BPI has not yet made a final decision on whether it will proceed with litigation.

Bankers unite against OCC

Opposition to the OCC’s licensing push has extended well beyond the largest banks.

Other industry groups have also stepped forward with formal objections in recent months. 

The American Bankers Association, the Independent Community Bankers of America, and the Conference of State Bank Supervisors have each issued letters or statements criticizing the regulator’s approach to crypto-related charters.

In February, the American Bankers Association called on the OCC to pause approvals tied to digital asset firms until the broader regulatory framework under the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, becomes clearer. 

The group warned that granting charters to uninsured crypto-focused entities raises unresolved concerns around asset segregation, cybersecurity and operational risk.

The ABA has also pressed regulators to prevent companies that are not full-service banks from using the word “bank” in their titles. 

According to the association, branding entities such as “national trust banks” could create confusion among consumers who may assume the firms hold federal deposit insurance when they do not.

Meanwhile, the Conference of State Bank Supervisors argues that the OCC is stretching its authority under the National Bank Act by assembling different charter structures to allow non-bank companies to operate nationwide.