Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Comptroller of the Currency Jonathan Gould raising concerns about the Office of the Comptroller of the Currency’s approval of national trust charters for crypto companies. Warren argues the approvals allow firms that do not qualify under the National Bank Act to operate like banks without the restrictions, safeguards, and obligations that apply to full-service national banks, creating risks for consumers, the separation of banking and commerce, and banking system safety and soundness. The letter says that since December 2025 the OCC has approved at least nine national trust charters for crypto companies, with several more applications pending. Warren argues many of the applicants’ business plans appear to extend beyond the narrow activities permitted for national trust companies, with no indication that bona fide fiduciary trust activities would be their primary business. Instead, the plans reportedly point to non-fiduciary custody, payments and lending activity, and stablecoin activity closely related to deposit-taking. Warren asked the OCC to provide the full charter applications for the nine approved companies, the legal analyses supporting the decisions, and all communications between OCC officials and the White House or Trump family members regarding the approvals by June 1, 2026.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-05-19
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member challenges OCC approval of at least nine crypto national trust charters
Elizabeth Warren, Ranking Member of the Senate Banking Committee, has written to Comptroller of the Currency Jonathan Gould challenging the OCC’s approval of national trust charters for crypto companies. She argues the approvals let firms that do not qualify under the National Bank Act operate like banks without equivalent safeguards, citing risks to consumers, the separation of banking and commerce, and overall safety and soundness. Warren also questions whether applicants’ business plans exceed permissible trust activities and requested the OCC’s charter applications, supporting legal analyses, and related communications with the White House or Trump family members.