US Bank Regulator Sued Over Crypto Firm Charters by Community Bank Advocates

A U.S. banking group just sued the government agency that issues America’s federal bank charters, reports CoinDesk, “accusing it of exceeding its legal powers in granting national trust-bank status to crypto firms.” The agency’s move “creates a gaping hole in financial regulation,” according to the lawsuit by The Independent Community Bankers of America, one of America’s largest banking advocacy organizations. It argues the move will “perversely allow entities engaged in highly risky cryptocurrency and digital assets activities to enter the banking system under lightly regulated national chart