Senator: OCC Should Not Grant National Trust Charters to Crypto Firms Like Ripple and Coinbase

Odaily星球日报讯 On May 18, U.S. Senator Elizabeth Warren sent a letter to the Office of the Comptroller of the Currency (OCC) stating that the agency has improperly granted national trust charters to at least nine crypto companies since December 2025. Warren pointed out that the business activities these companies plan to conduct exceed the limited functions legally permitted for national trust banks, and that their essence is an attempt to operate as crypto banks that circumvent basic banking safeguards and obligations.

It is reported that companies that have received or been conditionally approved include Ripple, Circle, Paxos, Fidelity, BitGo, Coinbase, Bridge (a subsidiary of Stripe), and Crypto.com. The American Bankers Association urged the OCC in February to slow down the approval of related charters, and Warren warned that this move would weaken consumer protections and introduce risks of regulatory arbitrage. (financefeeds)