Crypto Industry Defends National Trust Charters Amid Warren Criticism

The Digital Chamber has responded to accusations from Sen. Elizabeth Warren regarding the grant of national trust charters to several crypto firms. In a letter sent to the Comptroller of the Currency, Jonathan Gould, The Digital Chamber argued that these approvals do not violate the National Bank Act.

The industry group, which represents over 250 crypto-related entities, cited the OCC's authority to issue charters. They claimed that the National Bank Act does not prohibit the OCC from granting charters to digital asset firms.

According to The Digital Chamber, a growing number of crypto firms have sought OCC approval to operate as federally regulated trust banks in the US. This move comes as traditional finance and crypto have butted heads over several issues, including the application for federal bank charters and the treatment of stablecoin rewards.