Question 1

What did the CFTC's no-action letter actually permit?

Accepted Answer

Its clearing division said it will not recommend enforcement against a derivatives clearing organization that uses a trust company for daily settlement, as long as the clearinghouse treats that trust company as a settlement bank for compliance with Regulations 39.14(c) and (d).

Question 2

Who asked the CFTC for the relief?

Accepted Answer

Nodal Clear, the registered clearinghouse for Nodal Exchange and Coinbase Derivatives and a subsidiary of European Energy Exchange AG, filed the request on October 29, 2026. The resulting letter applies to any clearinghouse that meets the condition, not just Nodal Clear.

Question 3

Why are community banks suing the OCC?

Accepted Answer

The Independent Community Bankers of America sued the OCC and Comptroller Jonathan Gould, arguing the agency exceeded its statutory authority by granting crypto firms national trust charters that carry bank-like status without the full obligations placed on traditional banks.

Nodal

CFTC lets trust companies settle derivatives as banks sue over charters

One sharp brief.
Every day.

Nodal

CFTC lets trust companies settle derivatives as banks sue over charters

One sharp brief.Every day.

One sharp brief.
Every day.