According to CoinMeta, community banks are suing the US Monetary Supervision Agency (Federal Reserve) for its approval of national trust bank licenses for cryptocurrency companies. The Independent Community Bankers of America (ICBA) filed a lawsuit in the District of Columbia Court of Appeals on October 2, 2026, challenging the final rules issued by the Federal Reserve on March 2, 2026. They argue that these rules unreasonably expand the Federal Reserve's authority to issue national trust bank licenses for non-trust activities, including large-scale crypto operations. The lawsuit seeks to revoke the conditional approvals granted to these banks. The Federal Reserve has approved or conditionally approved 21 such licenses, at least 13 of which have been granted to cryptocurrency companies. The Federal Reserve claims that these approvals exceed its statutory authority and that it ignored warnings regarding risk control deficiencies at these banks, posing a serious risk of market collapse.