Senator Elizabeth Warren has formally pressed the Office of the Comptroller of the Currency (OCC) for a full accounting of nine crypto trust charters approved during the Trump administration. The charters allowed companies including Coinbase, Paxos, Ripple, BitGo, and Fidelity Digital Asset Services to operate as trust firms and engage in banking-like activities.
Scrutiny of Regulatory Process
In a letter to acting OCC head Jonathan Gould, Warren argued that the approvals bypassed essential safeguards required for mainstream banks. She claimed the OCC's licensing approach violates federal law and poses serious risks to consumers, banking security, and the separation of banking from commerce. Her letter quoted: “These companies are essentially crypto banks and want to sidestep the fundamental responsibilities of being a bank.”
Trust charters are considered less stringent than full national bank licenses, letting crypto firms avoid comprehensive oversight from the Fed and FDIC. Warren stressed that these firms function more like conventional banks by offering custody, payments, lending, and stablecoin services.
Debate Over Compliance and Political Links
Warren also demanded the OCC disclose any communications with former President Donald Trump or his family related to the charter approvals. She has consistently criticized the agency’s relationship with World Liberty Financial Inc., a firm in which the Trump family reportedly holds an interest. The senator warned that ambiguity in regulatory definitions could encourage further risk-taking if left unaddressed.
OCC Yet to Respond
The OCC has not publicly commented on Warren’s request. Whether the agency will issue a detailed explanation remains uncertain and is being closely watched by industry participants. The inquiry reflects the ongoing Washington debate over how to regulate the fast-evolving crypto-banking interface. Warren’s core argument is that crypto institutions want to enjoy banking privileges without meeting the regulatory conditions designed to ensure consumer protection and financial stability. For now, the spotlight remains on the OCC, with lawmakers pressing for clearer rules and more transparency in granting banking privileges to crypto firms.