Warren Criticizes OCC Over Crypto Trust Charter Approvals

Senator Elizabeth Warren has written a letter to Comptroller Jonathan Gould of the Office of the Comptroller of the Currency (OCC), expressing concerns about the agency's approval of national trust charters for crypto firms.

The OCC has approved at least nine national trust charters for crypto companies since December 2025, but Warren argues that these approvals conflict with the National Bank Act. She claims that some of these companies plan to operate beyond the limited activities normally allowed for national trust companies, which are generally restricted to providing fiduciary services such as managing assets for clients.

Warren warns that allowing crypto firms to use trust charters while performing bank-like functions could create regulatory arbitrage and weaken the separation between banking and commerce. She also notes that this could expose consumers and the banking system to risks if firms use narrower trust charters to run broader crypto banking operations.