Elizabeth Warren Calls Crypto Bank Charter Approvals for Firms Like Coinbase, Ripple Illegal
Sen. Elizabeth Warren is demanding answers from Acting Comptroller of the Currency Jonathan Gould over the OCC’s approval of nine national trust bank charters for crypto companies under the Trump administration. Warren claims these approvals violate the National Bank Act and pose significant risks to the U.S. banking system, arguing crypto firms seek to operate as banks while avoiding traditional regulatory safeguards. Approved firms include Coinbase, Circle, Ripple, Paxos, BitGo, Fidelity, Crypto.com, Stripe, and Protego. National trust banks face lighter regulation than traditional banks and generally provide fiduciary services, not deposit-taking. The recent GENIUS Act has driven many crypto firms to seek these charters to facilitate stablecoin-related services. Warren asserts these companies plan to conduct activities resembling those of banks, not just trust companies, including payments and lending related to stablecoins. She has requested detailed information on the charters, the OCC’s regulatory approach, and all related correspondence with President Trump and associates, referencing concerns about a pending application from the Trump family’s crypto firm, World Liberty Financial.
