According to CoinMeta, the Independent Community Bankers of America (ICBA) has filed a lawsuit against the Federal Reserve Board of Governors (OCC) in the District of Columbia Federal Court, opposing the issuance of licenses to crypto companies such as World Liberty Financial, Circle, Ripple, BitGo, and Paxos. The CEO of ICBA, Rebeca Romero Rainey, stated that this system should not become a backdoor for crypto companies to circumvent the Community Reinvestment Act, capital liquidity standards, and FDIC insurance requirements. The CEO of the Innovation Crypto Council (CCI), Ji Hun Kim, called this lawsuit a means to obstruct payment innovation and financial competition. The director of OCC, Jonathan Gould, has been promoting the implementation of the crypto licensing mechanism since taking office in July of this year.