Senator Elizabeth Warren accuses U.S. regulator of approving unqualified crypto banks
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U.S. Senator Elizabeth Warren is demanding the agency that regulates national banks explain its chartering of nine crypto-focused institutions, which she argued didn't meet federal regulations and constitute a risk to the financial system.
Key facts
The Massachusetts lawmaker has repeatedly criticized the pending charter track for World Liberty Financial Inc., the crypto company that Trump and his family hold a stake
The OCC didn't immediately respond to a request for comment on Warren's letter
Among her requests for information on the OCC process, she asked for records of any communications between the agency and President Donald Trump or his family members on chartering firms
U.S. Senator Elizabeth Warren is demanding the agency that regulates national banks explain its chartering of nine crypto-focused institutions, which she argued didn't meet federal regulations
Summary
U.S. Senator Elizabeth Warren wrote a letter to the head of the Office of the Comptroller of the Currency questioning his agency's approval of crypto firm charters to act as trust banks. She argued the OCC is letting the firms act like full-fledged banks but allowing them to have narrow trust charters that don't hold them to high enough standards. The U.S. Office of the Comptroller of the Currency has granted trust charters to a series of banks as the agency embraced President Donald Trump's agenda to elevate the crypto sector and establish a friendly regulatory environment.