Senator Warren Criticizes OCC Over Crypto Bank Charters

Senator Elizabeth Warren has sent a letter to the Office of the Comptroller of the Currency (OCC) expressing concern over the granting of national trust charters to at least nine cryptocurrency companies.

The OCC has been issuing these charters since December 2025, but Warren argues that the approvals have introduced greater risks to consumers and the US banking system. She claims that some of these companies are functioning more like full-service crypto banks than traditional trust institutions, potentially evading stricter regulations for federally regulated banks.

Warren has requested internal OCC documents, including charters, legal assessments, and communications with the White House or any Trump family members, to be provided by June 1st. This move comes as part of a larger political struggle over crypto regulation in Washington, where the Trump administration remains a proponent of more favorable policies for cryptocurrency companies.