CFTC lets trust companies settle derivatives trades as banks sue to stop crypto charters

On Nov. 5, the Commodity Futures Trading Commission’s Division of Clearing and Risk issued Staff Letter 26-30, stating it would not recommend enforcement against derivatives clearinghouses that use trust companies for daily settlements, provided the companies are treated as settlement banks under Regulation 39.14, and the relief applies to any qualifying clearinghouse. It follows crypto trust-charter approvals by the Office of the Comptroller of the Currency since December 2025; Senator Elizabeth Warren cited at least nine in a May 18 letter to Comptroller Jonathan Gould. The Independent Community Bankers of America sued the OCC and Gould in October 2026, challenging OCC’s authority and seeking to overturn an OCC rule and 2021 interpretive letter and rescind crypto firm Protego Holdings’ charter.