TLDR
- Elizabeth Warren asked the OCC to explain approvals granted to crypto trust banks.
- The firms named in reports include Ripple, Coinbase, Paxos, BitGo, Circle and Fidelity.
- Warren said the companies appear to be pursuing services beyond narrow trust activities.
- The OCC approvals do not allow FDIC-insured deposits or standard commercial lending.
- Banking groups have also raised concerns about federal oversight and receivership rules
U.S. Senator Elizabeth Warren has asked the Office of the Comptroller of the Currency to explain why it approved national trust charters for several crypto-focused firms, saying the companies may not qualify under the National Bank Act. In a letter dated May 18 to Comptroller Jonathan Gould, Warren said the approvals raise questions about whether the firms are being allowed to operate in ways that resemble banking without meeting the standards applied to full-service national banks.
Warren, the top Democrat on the Senate Banking Committee, said at least nine crypto companies have received trust charters or conditional approvals since December 2025. The firms named in reports include Ripple, Coinbase, Paxos, BitGo, Circle, Fidelity Digital Asset Services, Crypto.com and Bridge, a Stripe subsidiary. The OCC did not immediately respond to media requests for comment on the letter.
The senator’s central argument is that a national trust charter is narrower than a standard bank charter and is designed for fiduciary activities rather than broad banking services. She wrote that several of the approved companies appear to plan non-fiduciary custodial services, payment activities, lending-related services and stablecoin operations. Warren said those activities make the firms look more like crypto banks than traditional trust companies.
Warren Requests Details on OCC Review Process
In her letter, Warren asked the OCC to provide documents and details on how the agency reviewed and approved the crypto charter applications. She also asked for records of communications involving the White House and members of President Donald Trump’s family regarding the chartering process.
That request reflects a wider concern Warren has raised in recent months about financial regulation and possible conflicts involving the administration’s approach to digital assets. She has also criticized the pending charter track for World Liberty Financial, a crypto company in which Trump and his family reportedly hold a stake.
Warren wrote that the OCC’s approach allows crypto firms to avoid the safeguards and obligations that come with being a bank while still carrying out services that can resemble banking activity. She said this could create risks for consumers and for the stability of the banking system if the firms are allowed to expand without the same oversight that applies to full-service banks.
Firms Received Trust Charters, Not Full Bank Licenses
The firms at the center of Warren’s letter did not receive approval to operate as traditional commercial banks. National trust charters do not permit FDIC-insured deposit taking or conventional commercial lending. Even so, the approvals can give crypto firms a federal framework for custody and other services, and may support business lines tied to stablecoins and digital asset infrastructure.
Circle’s conditional approval has been linked to a planned entity called First National Digital Currency Bank. Other firms, including Coinbase and Crypto.com, have also received conditional approvals as the OCC moved forward with applications from companies seeking a federal trust-bank structure.
Supporters of the trust-charter model have argued that it provides a supervised path for digital asset firms that want to operate under federal oversight rather than a patchwork of state rules. Critics, including Warren and some banking groups, say the model can blur the line between trust activities and banking services if regulators do not apply strict limits.
Banking Industry Groups Also Raised Questions
Warren’s position is not the only criticism the OCC has faced on this issue. In February, the American Bankers Association called on the agency to slow the approval of crypto-related national bank charters. The group said unresolved questions remain around receivership procedures and federal oversight for firms working with digital assets.
The debate comes as federal agencies and lawmakers continue shaping the rules for crypto custody, stablecoins and digital asset market structure. Reports have noted that some trust-chartered firms may play a role in stablecoin operations under the GENIUS Act framework adopted last year, adding another layer to the discussion over how much activity should be permitted under a trust-bank model.
For now, Warren is seeking records and explanations rather than proposing a specific enforcement action in this letter. Her request places new attention on how the OCC is defining the limits of a crypto trust bank and whether those institutions are being supervised in a manner consistent with federal banking law. The agency’s response, if it comes publicly, may offer a clearer view of how it plans to handle future applications from digital asset companies seeking access to the national banking system.
