Elizabeth Warren Targets OCC’s Crypto Trust Charter Approvals

Senator Elizabeth Warren has accused the Office of the Comptroller of the Currency (OCC) of breaching federal banking laws by approving national trust charters for cryptocurrency firms. In a letter addressed to OCC Acting Comptroller Jonathan Gould on May 18, Warren alleged that at least nine crypto firms were granted charters for activities exceeding legal limits under the National Bank Act.

Warren, a ranking member of the Senate Banking Committee, called for the disclosure of all applications from crypto firms granted approval or conditional approval since December 2025. This includes major players like Coinbase, Ripple, Circle, and Crypto.com’s parent company. She also requested communications between the OCC and former President Donald Trump, his family, and associated White House officials, citing concerns over potential conflicts of interest.

“These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,” Warren wrote. She argued that the OCC’s actions facilitate regulatory arbitrage, posing risks to consumers and the broader financial system.

OCC’s Crypto Charter Controversy

This isn’t the first time the OCC’s crypto-related charters have faced scrutiny. Under its long-standing authority, the OCC can grant trust bank charters to firms engaged in fiduciary and custodial services. These charters, however, do not allow deposit-taking or traditional lending, creating a different regulatory framework than traditional banks. Critics, including trade groups like the Independent Community Bankers of America (ICBA), argue that this framework lowers the regulatory bar for nonbank firms operating in federally regulated spaces.

Since December 2025, the OCC has conditionally approved several high-profile applications, including Ripple, BitGo, Fidelity Digital Assets, and Paxos. In February 2026, Crypto.com received conditional approval for its Foris DAX National Trust Bank charter. The surge in applications reflects the growing interest of crypto firms in operating under a unified federal regime rather than navigating a patchwork of state-level regulations.

Warren’s letter also highlighted her concerns about the Trump administration’s ties to certain crypto firms. She urged Gould to delay consideration of applications tied to Trump-backed entities, such as World Liberty Financial, which filed for a charter earlier this year.

Implications for the Crypto Industry

For the crypto sector, the stakes are high. National trust charters offer a pathway to legitimacy and federal oversight, potentially increasing institutional adoption. However, Warren’s pushback signals that regulatory uncertainty remains a significant hurdle.

Kraken’s parent company, Payward, filed its application for a national trust charter on May 8, aiming to offer fiduciary custody services for digital assets. While the OCC’s charter approvals could streamline operations for firms like Kraken, they’re also likely to face intensified scrutiny from lawmakers and regulators.

The broader debate centers on how to balance innovation with safeguards for consumers and the financial system. Warren’s letter is a clear indicator that the regulatory spotlight on crypto firms is far from dimming. With more firms applying for charters, the OCC’s decisions will likely set the tone for how the U.S. integrates digital assets into its financial framework.

As the crypto industry awaits further developments, the OCC’s response to Warren’s letter and the fate of pending applications will be closely watched by market participants and policymakers alike.

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