According to CoinMeta, the Independent Community Banks of America (ICBA) has filed a lawsuit against the Federal Reserve (FRB) in federal court, requesting that the regulations allowing crypto companies to obtain the charter of national trust banks be overturned. The ICBA accuses the FRB of violating the law by permitting these crypto companies, which do not accept deposits and do not primarily act as trustees. The lawsuit was filed on October 2 in the United States District Court for the District of Columbia, with the FRB and Federal Reserve Chairman Jonathan Gold as defendants. Statistics from the ICBA show that during Trump's tenure, the FRB granted full or conditional approvals to 21 trust banks, at least 13 of which were crypto companies. Rebecca Romero-Reny, the organization's president and CEO, stated in a statement, "Allowing companies to obtain the charter of national trust banks for a wide range of non-trust activities exceeds the authority granted to that institution by Congress."