Warren Confronts OCC Over Crypto Firm Charters Amid Regulatory Concerns

Senator Elizabeth Warren has written a letter to the Office of the Comptroller of the Currency (OCC), expressing concerns over the approval of national trust charters for at least nine cryptocurrency companies.

The senator argues that these approvals could introduce greater risks to consumers and the U.S. banking system, as crypto firms may be evading regulations by offering services similar to those provided by traditional banks, but without being subject to the same level of oversight.

National trust charters are typically narrower than full banking licenses, focusing on fiduciary and custody services rather than FDIC-insured deposits or standard commercial lending. However, Warren claims that some applicants have submitted business plans that extend far beyond these traditional boundaries, raising questions over the limits of trust company activities.

The senator has requested internal OCC documents related to the charter approvals, including the charters themselves, legal assessments, and communications with the White House or any Trump family members. She is seeking this information by June 1st, 2026, as part of a broader effort to increase transparency and accountability in crypto regulation.