Senator Elizabeth Warren has accused the Office of the Comptroller of the Currency (OCC) of unlawfully approving national trust bank charters for major crypto firms, including Coinbase, Ripple, and Circle. In a letter to Comptroller Jonathan Gould, Warren argued the approvals violate the National Bank Act because the companies allegedly conduct activities beyond legally permitted trust operations.
OCC Said to Exceed Authority on Trust Approvals
According to Warren, the OCC approved at least nine crypto-related national trust charters since December 2025. She argued the approved firms appear to function more like crypto banks than fiduciary trust companies. The letter named several firms, including Paxos, BitGo, Crypto.com, Stripe, and Protego. Warren stated national trust companies legally operate under limited fiduciary functions, including trustee and executor services. However, she claimed several applicants described broader activities in their charter filings. According to Warren, Protego proposed crypto custody, trading, lending, borrowing, and issuer services through its National Digital Trust Company. Meanwhile, Coinbase’s filing referenced staking, financing, trading, and payment products.
Warren asked Gould to provide legal analyses supporting each charter approval. She also requested complete charter applications and confidential exhibits tied to pending and approved applicants. Additionally, Warren questioned whether the OCC properly interpreted the National Bank Act during the review process. She argued the approvals may allow firms to bypass safeguards applied to traditional banks. The senator also requested OCC records explaining how the GENIUS Act interacts with national trust charter authority. According to the letter, the law did not amend trust charter provisions under existing banking statutes.
Trump-Related Company Draws Extra Scrutiny
Warren further requested communications between OCC officials and President Donald Trump, his family, or related associates concerning the charter approvals. The request follows earlier disputes involving World Liberty Financial, a crypto company tied to the Trump family. Earlier this year, Warren publicly questioned Gould during a Senate hearing about the company’s pending charter application. The OCC has defended limited-purpose crypto trust charters under existing banking authority, including guidance issued since 2021. However, Warren said the regulator’s March 2026 chartering rule expanded trust company activities beyond congressional authorization.