Donald Trump · Elizabeth Warren · Coinbase · Circle · Stripe · Decrypt
The OCC has approved national trust banking charter applications for nine companies and their affiliates including Coinbase
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Since President Donald Trump’s return to power last year, the Office of the Comptroller of the Currency (OCC), a division of the Treasury Department, has approved nine national trust banking charter applications for crypto-focused firms.
Key facts
- Elizabeth Warren (D-MA) is demanding answers from a key banking regulator that has, under the Trump administration, issued national trust bank charters to crypto companies
- Since President Donald Trump’s return to power last year, the Office of the Comptroller of the Currency (OCC), a division of the Treasury Department, has approved nine national trust banking charter
- At an event earlier this month, World Liberty co-founder Zach Witkoff said the company is “in the final stages” of receiving conditional approval from the OCC
- In a letter sent Monday to Comptroller of the Currency Jonathan Gould, Warren argued these approvals violated the National Bank Act—and are now posing “serious risks” to the safety and soundness
Summary
Elizabeth Warren says the OCC illegally approved crypto bank charters that weaken banking safeguards. She argues firms like Coinbase and Ripple are acting like banks while avoiding required regulations. Warren also raised concerns about ties between the OCC and Donald Trump over a charter application linked to World Liberty Financial. Elizabeth Warren (D-MA) is demanding answers from a key banking regulator that has, under the Trump administration, issued national trust bank charters to crypto companies. In a letter sent Monday to Comptroller of the Currency Jonathan Gould, Warren argued these approvals violated the National Bank Act—and are now posing “serious risks” to the safety and soundness of the U.S. banking system.