TL;DR
- Senator Elizabeth Warren challenged the OCC’s approval process for several crypto-focused trust banks linked to custody and stablecoin services.
- Warren argued that these firms are operating like banks without meeting the same regulatory standards applied to traditional financial institutions.
- The criticism arrives as U.S. regulators continue adopting a more crypto-friendly approach under President Donald Trump’s administration, increasing debate over digital asset access to the banking system.
Senator Elizabeth Warren renewed her criticism of the U.S. crypto sector after sending a letter to the Office of the Comptroller of the Currency questioning the agency’s approval of trust bank charters for several digital asset firms. The Massachusetts senator argued that the regulator is allowing crypto companies to operate like banks while avoiding stricter banking requirements applied to traditional institutions.
The letter focused on the OCC’s recent approvals involving firms connected to crypto custody, payments, lending, and stablecoin activity. Warren claimed these companies are receiving narrow trust charters despite offering services that resemble broader banking operations, adding that the current framework could create regulatory loopholes inside the financial sector.
Warren Questions OCC Crypto Bank Approvals
Warren addressed her concerns to OCC chief Jonathan Gould and requested records tied to the approval process for nine crypto-focused institutions. Among the companies referenced were Coinbase, Ripple, Paxos, BitGo, and Fidelity Digital Assets.
According to Warren, several of these firms appear to provide services beyond the traditional fiduciary activities usually associated with trust banks. She pointed to payment infrastructure, crypto lending, and stablecoin-related operations as examples of businesses moving closer to full banking activity. The senator argued that these services resemble commercial banking more than traditional trust management.
Warren also requested information about possible communications between the OCC and President Donald Trump or members of his family connected to crypto ventures.
Crypto Industry Pushes For Banking Access
The dispute reflects a broader change in U.S. crypto policy during the current administration. Since early 2025, regulators have shown greater openness toward integrating digital asset companies into the banking system after years of uncertainty under previous leadership. Several crypto firms now view federal trust charters as a faster route toward nationwide operations.
Supporters of the OCC’s approach argue that regulated trust charters create clearer oversight than forcing crypto firms to rely on fragmented state licensing systems. Industry executives have also said that direct access to banking infrastructure improves transparency and reserve management. Many crypto advocates believe tailored regulation is more effective than applying outdated banking rules to blockchain firms.
The debate arrives as stablecoin legislation and crypto market structure bills continue moving through Congress.
