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      US Community Bank Group Sues OCC, Challenging Trust Bank Charters for Crypto Firms

      PANews reported on October 3, citing CoinDesk, that the Independent Community Bankers of America (ICBA) filed a lawsuit on October 2 in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency (OCC), accusing the OCC of exceeding its authority under the National Bank Act by granting national trust bank charters to crypto firms, allowing them to obtain bank status without meeting equivalent capital, liquidity, regulatory, and FDIC deposit insurance requirements, and asking the court to limit the OCC's authority to its statutory scope. According to American Banker, at least 13 of the 21 trust banks approved during the Trump administration were crypto firms. The crypto firms mentioned in the report include Coinbase, Circle, Crypto.com, World Liberty Financial, and others.


      Source: PANews
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      Terra Founder Do Kwon Sentenced to 15 Years in Prison for Fraud