The campaign came in response to the bank's lawsuit against the U.S. Office of the Comptroller of the Currency over its banking license.

Crypto advocacy groups see the lawsuits as stifling innovation.

The Independent Community Bankers of America filed a lawsuit challenging the U.S. Office of the Comptroller of the Currency's approval of crypto companies as an attempt to stifle innovation, its chief executive officer Ji Hun Kim said on Monday that the lawsuit is clearly an effort against national trust licenses, payment innovations and competition in financial services. It supports both compulsory and conditional approvals by the National Banking Regulatory Authority for state-level licences, although some members have criticized the bill for allegedly undermining bank account integrity and requiring overwhelming regulatory oversight.

A community banking group filed a lawsuit on Friday.

On Friday, Independent Community Bankers of America filed a lawsuit in the United States District Court for the District of Columbia alleging that the U.S. Office of the Comptroller of the Currency approved federal banking licenses to individuals including crypto companies without adequate safeguards or complying with regulations normally applied to banks.[citation needed] Rebeca Romero Rainey, president and chief executive officer of Independent Community Banks of America stated in a statement on Friday that Congress has not created a national trust license as an entry point into the banking system for crypto firms requiring reliable nationwide bank licensing by using the Community Reinvestment Act's non-burdened regulation model alongside Federal Deposit Insurance Corporation's deposit insurance standards.

List of approved or conditional-approved companies

Among the applications that have been approved or conditionally approved by the US Office of the Comptroller of the Currency under President Donald Trump are World Liberty Financial , Circle, Ripple, Fidelity digital assets , BitGo and Paxos.

A crypto company co-founded by the Trump family.

Many lawmakers criticized the World Liberty Financial approval, which occurred under the leadership of Jonathan Gould, Trump-appointed head of the U.S. Office of the Comptroller of the Currency and in office since July 2025 members of the Trump family co-founded this crypto company, and it has been subject to scrutiny over allegations of royal connections with the United Arab Emirates

Topics of interest and related news

The approval of such licenses clarifies the argument between crypto companies and community banks, with proponents seeing the US National Banking Supervisory Board's process as opening up national trust licences, payment innovations, and more competition in financial services while opponents see that cryptocurrencies may benefit from proximity to a national bank without incurring the multi-purpose burden imposed on depository institutions. Readers should therefore keep an eye out for how the Independent Community Bankers of America lawsuit will regulate the issuance of cryptocurrency company licenses in the United States.