The Independent Community Bankers of America (ICBA) filed the suit Friday in the US District Court for the District of Columbia.
The group claimed the Office of the Comptroller of the Currency (OCC) has granted cryptocurrency firms the credibility of a US bank charter without sufficient safeguards or compliance with normal bank requirements.
The OCC was asked for comment on the lawsuit but had not replied by the time of publication.
This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information.
Readers are encouraged to verify information independently.