Circle · Elizabeth Warren · Coinbase · U.S. · US Senate · The Block
Senator Warren criticizes OCC over Ripple, Coinbase and other crypto trust charters
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U.S. Senator Elizabeth Warren has accused Comptroller of the Currency, Jonathan Gould, of "improperly" granting national trust charters to companies that she says do not qualify under the National Bank Act.
Key facts
- Warren, a Democrat, is the Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee
- U.S. Senator Elizabeth Warren has accused Comptroller of the Currency, Jonathan Gould, of "improperly" granting national trust charters to companies that she says do not qualify under the National
- In February, the American Bankers Association, a banking advocacy group, called on the OCC to ease up on granting crypto firms national bank charters, citing unresolved risks in receivership
- (S)ince December 2025, you have approved at least nine national trust charters for crypto companies that intend to engage in activities that appear to go far beyond the narrow set of activities
Summary
U.S. “(S)ince December 2025, you have approved at least nine national trust charters for crypto companies that intend to engage in activities that appear to go far beyond the narrow set of activities permitted by law. In her letter, Warren highlighted several recently granted approvals, including digital asset firms Ripple, Circle, Paxos, Fidelity, BitGo and Coinbase. Circle’s conditionally approved application for a national trust bank charter is tied to a new entity named First National Digital Currency Bank. While the charters do not allow these firms to take FDIC-insured deposits or engage in traditional commercial lending, they may assist firms running stablecoin businesses under the GENIUS Act framework passed into law last summer.