Massachusetts Senator Elizabeth Warren has formally questioned the Office of the Comptroller of the Currency’s (OCC) approval of national trust charters for cryptocurrency firms, alleging these approvals exceed legally permitted activities. In a letter to OCC head Jonathan Gould, Warren highlighted concerns that at least nine crypto companies received charters intended for narrowly defined fiduciary and custodial services but appear prepared to engage in broader banking operations prohibited under the National Bank Act.
Warren requested the OCC disclose the full applications of the crypto companies approved or conditionally approved since December 2025. The list includes prominent industry players such as Coinbase, Ripple, Stripe, Circle, Fidelity Digital Assets, and others. She also demanded access to any correspondence involving the OCC, former US President Donald Trump, his family members, and White House officials, citing potential conflicts of interest given Trump’s ties to the crypto sector.
The senator argued that these crypto entities are effectively operating as banks without adhering to the fundamental regulatory safeguards and obligations traditional banks must follow. She warned that this regulatory arbitrage risks consumer protection, the safety and soundness of the banking system, and undermines the critical separation between banking and commerce. Warren has been a consistent critic of policy decisions that might facilitate such conflicts, urging a cautious and law-abiding approach in banking oversight.
Among recent developments, Payward, the parent company of cryptocurrency exchange Kraken, filed for a national trust charter with the OCC earlier this month. This charter would permit Payward to offer fiduciary custody and related services for digital assets without engaging in deposit-taking or commercial lending activities, exempting it from stricter banking regulations. National trust bank charters typically enable firms to provide specialized fiduciary and custodial roles while avoiding full banking license requirements.
Warren’s concerns also extended to the Trump family-backed crypto business, World Liberty Financial, which filed for a trust charter in January. She urged the OCC to postpone its review, calling for thorough scrutiny in light of the political connections involved.
While the OCC did not immediately respond to requests for comment, the scrutiny reflects growing tensions between regulators, lawmakers, and the crypto industry over how digital asset firms should be supervised within traditional banking frameworks.