Elizabeth Warren Accuses OCC of Illegal Crypto Trust Charters

A senior U.S. senator has formally accused a key banking regulator of violating federal law by granting special banking charters to cryptocurrency companies, demanding a full accounting of the approvals and any communications with the Trump White House.

Senator Elizabeth Warren of Massachusetts sent a letter this week to Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC), alleging the agency has approved at least nine national trust charters for crypto firms since December 2025. Warren contends these companies intend to engage in activities that far exceed the narrow scope permitted for such charters, constituting an apparent violation of the National Bank Act.

The senator argued that by granting these charters, the OCC is enabling regulatory arbitrage. She stated the approved companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank. Warren warned this approach poses serious risks to consumers, the safety and soundness of the banking system, and the separation of banking and commerce.

The companies named in the request include major industry players such as Coinbase, Ripple,...