Warren says OCC charters breach National Bank Act
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- Senator Elizabeth Warren sent a letter to OCC Comptroller Jonathan Gould alleging that the OCC’s approval of national trust banking charters for crypto firms violates the National Bank Act and weakens banking safeguards.
- Office of the Comptroller of the Currency (OCC) has approved national trust banking charter applications for nine crypto‑focused companies and affiliates, including Coinbase, Circle, Ripple, Paxos, BitGo, Fidelity, Crypto.com, Stripe, and Protego.
- Warren asserts that these firms operate as crypto banks, engaging in non‑fiduciary custodial, payment, lending, and stablecoin activities that resemble deposit‑taking, contrary to the limited scope of national trust companies.
- Warren requested the OCC to provide detailed information on the approved charters and to disclose any correspondence between OCC officials and President Trump or his associates regarding the approvals.
- Jonathan Gould refused to comment on the timeline of a pending national trust bank application from the Trump family’s crypto company, World Liberty Financial, during a February Senate hearing where he and Warren clashed.
Why it matters: U.S. banks and depositors gain stronger oversight, while crypto firms lose a shortcut to bank‑like operations; the dispute could force the OCC to revoke or tighten nine charters, curbing the rapid expansion of crypto‑backed stablecoins.
