Senator Elizabeth Warren Challenges Crypto Charters

US Senator Elizabeth Warren has continued her critique of federal regulators over their approval of national trust banking charters for several cryptocurrency companies.

The Office of the Comptroller of the Currency (OCC) granted conditional approval to Ripple in December 2025, allowing it to operate as a National Trust Bank and positioning its RLUSD stablecoin for further regulatory recognition.

However, Warren sent a formal letter to OCC Comptroller Jonathan Gould on May 18, arguing that these approvals violate the National Bank Act and calling them 'illegal.'

Warren's main argument is that these companies are more akin to crypto banks than traditional trust companies. She claims that the OCC has overstepped its authority by approving firms whose business plans go beyond traditional fiduciary activities.