State bank regulators have sued the Office of the Comptroller of the Currency, challenging the national bank charter program for nondepository fintech companies and possibly delaying the federal alternative to a patchwork of state crypto  regulations.

The Conference of State Bank Supervisors (CSBS), an organization representing state bank regulators, filed a suit in the U.S. District Court for the District of Columbia Thursday which said fintech companies that do not take deposits and are not insured by the Federal Deposit Insurance Corporation should continue to be regulated at the state level.

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