Senator Elizabeth Warren is taking aim at the Office of the Comptroller of the Currency over its approval of national trust charters for crypto firms. In a letter to OCC head Jonathan Gould, Warren argued the charters exceed the agency's legal authority under the National Bank Act and could let crypto companies operate like banks without the same oversight.
Nine charters, one senator's complaint
Warren's letter cites nine national trust charters approved for crypto firms including Ripple, Circle, BitGo, Fidelity, Paxos, Coinbase, and Kraken's Payward. The approvals allow these companies to manage and hold customer assets, with the potential to speed up payment settlement times. But Warren says that's only the start — she worries the charters could let these firms expand into lending and trading without the regulations that apply to traditional banks. Consumer protection and financial stability are at risk, she argued.
The OCC's defense
OCC Comptroller Jonathan Gould isn't backing down. He defended the approvals, saying they're meant to foster competition and modernize banking services — without lowering standards. Gould argues the charters don't dilute regulatory oversight, despite criticism from traditional banks. Those banks have raised their own objections, claiming the OCC is stretching the historical intent of national trust charters.
What the charters actually allow
The approved charters let crypto firms manage and hold customer assets, a step toward more integrated crypto-banking services. Warren's concern is that this could open the door to full banking operations — lending customer deposits, trading against those balances — without the equivalent capital and compliance requirements. It's a classic regulatory gap argument: same function, different rules.
What comes next
The letter is the latest salvo in a broader battle over crypto regulation. Warren's made her position clear, and the OCC is standing firm. Whether Congress steps in or the OCC adjusts its approach remains an open question. For now, the two sides are dug in.
