Warren Targets OCC Over Crypto Bank Charters as 9 Firms Face Regulatory Firestorm
Key Takeaways: Senator Elizabeth Warren criticized the OCC’s failure to implement typical banking practices in the crypto space. Since the end of 2025, the OCC is reportedly giving at least 9 crypto companies national tr...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Key Takeaways:
- Senator Elizabeth Warren criticized the OCC’s failure to implement typical banking practices in the crypto space.
- Since the end of 2025, the OCC is reportedly giving at least 9 crypto companies national trust charters.
- The approvals have the potential to introduce greater risks to consumers and the U.S. banking system that would stem from cryptocurrency custody, lending and stablecoins, according to Warren.
Elizabeth Warren is calling it a day in the crypto these are the excuses phase. Elizabeth Warren takes her battle to spread crypto in U.S. banking to a whole new level. The Massachusetts senator, in a new letter to the Office of the Comptroller of the Currency’s Jonathan Gould, asked how the office is justifying the granting of crypto companies multiple national trust charters, which could be issued in situations where the companies are likely violating the intent of federal banking law.
The letter puts new pressure on regulators as crypto companies expand their foray into the payment sector and into holding cryptocurrency and into stablecoin operations.
Read More: CLARITY Act Vote Set for May 14 as Coinbase and US Senators Push Crypto Rules
Warren Says Crypto Firms Are Acting Like BanksWarren argued that several companies granted national trust charters appear to function more like full-service crypto banks than traditional trust institutions.
The senator says such companies can be doing work that “largely relates to digital asset custody, payments and lending or stablecoin operations and evading the more stringent regulations for federally regulated banks.
She called the situation “regulatory arbitrage” and suggested that cryptocurrency companies could be afforded banking-type benefits without being protected under the banking system’s regulations.
Warren also stated that approving the powers also compromise the historic division between banking and commerce in the United States.
OCC Charter Approvals Draw ScrutinyEarlier this month, the senator said the OCC has authorized no fewer than nine trust charters related to cryptocurrencies since December 2025, and that more applications are pending approval.
Questions Over Trust Company LimitsNational trust charters are narrower than full banking licenses. They generally focus on fiduciary and custody services and do not allow FDIC-insured deposits or standard commercial lending.
However, Warren said several applicants submitted business plans that extend far beyond fiduciary trust activities. She highlighted “payment processing that relies on language basis”, “stablecoin infrastructure” and “custodial functions that are similar to banking services”.
The call for greater regulation comes at a time when cryptocurrency companies are increasingly appealing for federal regulation rather than trying to comply with a mishmash of state laws. In the past few years, several large digital asset firms have turned to trust-bank systems as a means to broaden the scope of their custody and settlement businesses.
Read More: 70% of US Voters Demand Crypto Rules as CLARITY Act Wins Bipartisan Backing
Warren Requests Internal OCC DocumentsNow, the senator wants the OCC to share with him a host of documents and records, such as the charters, legal assessments unrelated to the approvals, and communications with the White House or any Trump family members.
She asked for the materials to be handled by 1st of June 2026.
The shift marks part of a larger political struggle involving crypto regulation in Washington as the Trump administration remains a proponent of more favorable policies for crypto companies.
Keep checking CryptoNinjas.net News for up-to-date crypto news resources and data-driven research on digital assets and blockchain adoption.
The post Warren Targets OCC Over Crypto Bank Charters as 9 Firms Face Regulatory Firestorm appeared first on CryptoNinjas.
Why this matters
Coinbase is showing up inside the Stablecoins theme, so this story is worth tracking for follow-through rather than treating it as a one-off headline.
Original source
Read on CryptoNinjasRelated market context
EU Banking Regulator Takes Over Key Oversight of Circle’s USDC Stablecoin
The European Banking Authority (EBA) classified Circle's USDC as a significant e-money token under the Markets in Crypto-Assets Re...
Ripple Taps DriveWealth to Bring RLUSD Settlement to 100+ Global Investing Partners
Key Takeaways: Ripple is in a partnership with DriveWealth, to secure the integration of the RLUSD settlement, cross-border paymen...
Coinbase Calls for Early Bitcoin Migration to Quantum Security
Coinbase, which safeguards 5% of all Bitcoin for clients including banks, asset managers, and hedge funds, wants the network to be...
Sam Altman ChatGPT AI Predicts that BTC Could Hit $1.8M by 2027
Sam Altman OpenAI ChatGPT AI predicts that Bitcoin could reach $1.8M by January 1, 2027. This over-the-top bullish prediction clai...
Coinbase Joins 4-Day Crackdown on West Africa Crypto Scams and Asset Freezes
Key Takeaways: Coinbase participated in a four-day assault of scam networks in West Africa in London. Its Global Intelligence team...
A7 International enables USDT payments for foreign invoices via SWIFT
A7 International's USDT-SWIFT integration could streamline global trade, reducing costs and delays, while bypassing traditional ba...