Senator Warren Criticizes OCC Over Crypto Bank Charters

Senator Elizabeth Warren has written a letter to the Office of the Comptroller of the Currency (OCC), expressing concerns over the granting of national trust charters to at least nine cryptocurrency companies. The senator argues that these companies are acting like banks, but with less regulation.

The OCC has been issuing these charters since December 2025, and Warren is concerned that they could introduce greater risks to consumers and the U.S. banking system.

Warren stated that several of the applicants submitted business plans that extend far beyond fiduciary trust activities, including payment processing, stablecoin infrastructure, and custodial functions similar to banking services.