Independent Community Bankers OF America

Rain has applied for an Office of the Comptroller of the Currency charter for a proposed New York national trust bank focused on digital asset custody, dollar custody, stablecoin reserves, and token issuance and redemptions. The bid comes as crypto firms push for federal trust-bank supervision while community banks challenge the OCC’s authority to approve limited-purpose charters for companies that do not offer traditional banking services.

The Independent Community Bankers of America has sued the Office of the Comptroller of the Currency, accusing the regulator of exceeding its legal authority in granting national trust-bank status to crypto firms. The case intensifies a broader clash over how digital asset companies should enter the U.S. banking and payments system.