Senator Elizabeth Warren has taken aim at the Office of the Comptroller of the Currency's approval of national trust bank charters for digital asset firms, arguing the agency overstepped its authority. The Digital Chamber fired back in a letter to Comptroller Jonathan Gould, defending the charters as legally sound and necessary for bringing digital assets into the federal regulatory fold.
Warren's allegations
Warren argued that some firms appeared 'seemingly ineligible' for the charters and that the OCC approved at least nine charters that go beyond permitted activities. She described an 'apparent violation of the National Bank Act.'
The Digital Chamber's response
The trade group's letter rejected Warren's characterization. It said each company went through a rigorous OCC review and met applicable statutory and regulatory requirements. The chamber argued the charter decisions are long-overdue, bringing digital asset activities into the federal prudential framework.
A vision for regulated digital finance
The Digital Chamber views chartered banks as regulated federal entities that represent the future of a more inclusive and competitive financial system. The group expressed readiness to work with the OCC, Congress, and other stakeholders on the issue.
The exchange highlights a growing divide between lawmakers and industry over how to regulate digital assets within existing banking laws. Whether the OCC's interpretation of the National Bank Act will hold under continued scrutiny remains open.
