The Digital Chamber is pushing back against Senator Elizabeth Warren’s assertion that the Office of the Comptroller of the Currency broke federal banking law by granting charters to crypto companies. The trade group this week formally challenged those claims, arguing the OCC acted within its legal authority.
What Warren said
Warren, a frequent critic of the crypto industry, had argued that the OCC’s approval of special-purpose national bank charters for crypto firms violated the National Bank Act and other statutes. She specifically pointed to the agency’s 2020 interpretation that allowed digital asset companies to operate under a federal charter without FDIC insurance. The senator’s office did not immediately respond to a request for comment on the Digital Chamber’s challenge.
The Digital Chamber’s argument
The trade group contends that the OCC’s actions were legally sound and that existing charters for crypto firms have been subject to the same rigorous review as traditional bank charters. In a letter sent to the senator this week, the Chamber laid out its case, citing the OCC’s long-standing authority to interpret banking laws as technology evolves. The group also warned that reversing those approvals would disrupt the growing crypto banking sector and potentially push companies offshore.
What’s at stake
At issue is whether the OCC overstepped its mandate or simply adapted to a changing financial landscape. The agency has granted at least a half-dozen crypto-related charters since 2020, including to firms like Anchorage Digital and Paxos. If Warren’s interpretation gained traction—either in Congress or through litigation—those charters could be challenged, creating regulatory whiplash for firms that have invested millions in compliance.
The Digital Chamber’s challenge doesn’t carry legal weight on its own, but it signals that the industry intends to fight any effort to unwind those approvals. With a gridlocked Congress and no clear legislative fix in sight, the debate may ultimately land in the courts.
