Warren Criticizes OCC Over Crypto Charter Approvals

The Office of the Comptroller of the Currency (OCC) has been granting national trust charters to at least 9 cryptocurrency companies, sparking concerns over regulatory oversight. Senator Elizabeth Warren has written a letter to the OCC's Jonathan Gould, expressing her worries that these companies are operating like full-service banks without adhering to strict regulations.

Warren argues that the approved charter holders are engaging in activities that 'largely relate to digital asset custody, payments and lending or stablecoin operations.' She claims that this is a form of 'regulatory arbitrage,' where companies can enjoy banking-type benefits without being subject to the same level of regulation as traditional banks.

The senator has requested internal documents and records related to the charter approvals, including charters, legal assessments, and communications with the White House or Trump family members. The deadline for handing over the materials is June 1st, 2026.