Senator Warren Challenges OCC Over Crypto Trust Charters

Senator Elizabeth Warren has sent a letter to the Office of the Comptroller of the Currency (OCC) challenging the agency's granting of national trust charters to crypto companies.

The senator claims that these companies are 'effectively crypto banks' trying to evade regulations by engaging in activities beyond those permitted for national trust companies, such as nonfiduciary custodial services and lending activities.

Warren is seeking information from the OCC regarding the newly approved national trust companies, including their full charter applications, communications between OCC officials and President Trump's administration, and responses related to the National Bank Act (NBA) and fiduciary activities.