Senator Elizabeth Warren has formally challenged the Office of the Comptroller of the Currency's approval of nine national trust bank charters for crypto firms, including Coinbase and Ripple. In a letter to the Comptroller, Warren argued that these approvals violate the National Bank Act and go beyond what the agency is legally allowed to do. The move steps up a long-running fight over how—and whether—federal banking regulators can oversee digital asset companies.
The legal argument
Warren's letter contends that the National Bank Act does not give the OCC authority to charter entities primarily engaged in digital asset activities. She says the nine approvals represent an overreach that requires explicit congressional approval. The letter urges the Comptroller to reconsider or rescind the charters, though it does not specify a deadline for a response.
Coinbase and Ripple among the nine
Two of the most prominent firms named in the letter are Coinbase and Ripple. Both have sought federal trust charters to operate more easily across state lines without obtaining a patchwork of state licenses. The other seven recipients were not disclosed in Warren's letter, but the inclusion of these two major companies highlights the scope of the OCC's crypto chartering program.
What comes next
The OCC has not yet publicly responded to Warren's letter. The agency's leadership has defended its crypto charter approvals as within its statutory discretion. Any attempt to revoke existing charters would almost certainly face legal challenges from the affected companies. Warren's letter adds new political pressure on the OCC as Congress continues to debate broader crypto regulatory legislation.
