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

Odaily reported that U.S. Senator Elizabeth Warren sent a letter to the Office of the Comptroller of the Currency (OCC) on May 18, 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, essentially attempting to operate as crypto banks that circumvent basic banking safeguards and obligations.

According to reports, companies that have received or been conditionally approved for such charters 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 process for related charters. Senator Warren warned that this move would weaken consumer protections and pose risks of regulatory arbitrage. (FinanceFeeds)