Why is Senator Elizabeth Warren challenging the OCC over crypto trust charters?

Elizabeth Warren argues the Office of the Comptroller of the Currency improperly approved crypto trust charters for firms that may operate beyond the narrow legal activities allowed under federal banking law. She claims some companies are effectively functioning like banks without facing the same regulations.

What is a crypto national trust charter?

A national trust charter allows firms to provide fiduciary and custody services, including digital asset custody, without operating as full commercial banks. These entities generally cannot take deposits or issue traditional loans like standard banks.

Why does Warren believe these crypto charters are risky?

Warren argues the charters may allow crypto firms to gain bank-like advantages while avoiding safeguards tied to capital requirements, consumer protections and banking oversight. She said this could create risks for consumers and the broader financial system.

Which crypto companies are involved in the OCC charter controversy?

The letter referenced firms including Coinbase, Crypto.com, Ripple, BitGo, Circle, Paxos and Fidelity Digital Assets.

Why are crypto firms seeking trust bank charters?

Crypto firms want regulated legal structures that allow them to provide custody and institutional digital asset services nationwide. Federal trust charters can also help companies gain credibility with banks, institutions and regulators.

What role does Jonathan Gould play in this dispute?

Jonathan Gould leads the OCC, the agency responsible for approving national trust charters. Warren accused him of approving crypto applications that allegedly exceed legal limits under the National Bank Act.

Why is Donald Trump mentioned in Warren’s request?

Warren requested communications involving Donald Trump, White House officials and Trump family members because she has repeatedly raised concerns about potential conflicts of interest tied to Trump-linked crypto businesses.

How does this affect the broader crypto industry?

The dispute highlights growing political tension around how crypto firms should be regulated inside the US financial system. The outcome could shape how easily crypto companies gain banking-style privileges in the future.

Image for illustrative purposes only. Not a real photo.

Warren challenges OCC crypto trust approvals

Written by Mahathir BayenaPublished May. 20 2026Last Updated May. 20 2026

Elizabeth Warren has accused Jonathan Gould of violating federal banking law by approving national trust charters for cryptocurrency companies.

In a letter sent Monday, Warren said the Office of the Comptroller of the Currency had approved or conditionally approved at least nine crypto-related trust charters that allegedly exceeded the narrow activities permitted under the National Bank Act.

“These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,”

Warren wrote.

The senator requested full applications and related communications tied to approvals involving firms including Coinbase, Crypto.com, Ripple, Stripe, BitGo, Circle, Fidelity Digital Assets, Protego Holdings and Paxos.

Warren also asked for communications between the OCC and Trump administration officials, including members of the president’s family, as she continued raising concerns over potential conflicts of interest involving crypto policy and businesses tied to the Trump family.

The dispute follows increasing demand from crypto firms for national trust bank charters, which allow companies to offer fiduciary custody and related digital asset services without operating as full commercial banks subject to the same deposit and lending regulations.

Separately, Payward, the parent company of Kraken, filed an OCC application on May 8 seeking approval for a national trust charter tied to digital asset custody services.