Senator Warren Demands OCC Records Over Nine Crypto Trust Bank Charters

U.S. Senator Elizabeth Warren sent a letter to Comptroller of the Currency Jonathan Gould questioning the agency's approval of national trust charters for cryptocurrency firms ¹. Warren, the Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, argued that the Office of the Comptroller of the Currency improperly issued the charters to companies that fail to qualify under the National Bank Act ¹.

According to the letter, the OCC has granted at least nine national trust company charters to crypto firms since December 2025, with multiple additional applications under review ¹. Warren asserted that the applicants plan to operate as functional crypto banks while avoiding the regulatory requirements, safeguards, and restrictions imposed on full-service national lenders ¹.

Scrutiny Over Stablecoins and Fiduciary Scope

In her review of the applications, Warren noted that many business plans submitted to the OCC failed to detail specific fiduciary trust activities or designate bona fide trust services as their primary business ¹. Instead, the documentation indicated plans to facilitate payments, conduct lending, provide non-fiduciary custodial services, and manage stablecoin activities akin to deposit-taking ¹. Warren argued this regulatory approach conflicts with federal banking law and risks undermining the separation of banking and commerce ¹.

The lawmaker instructed the OCC to turn over complete charter application materials for all nine approved firms, the underlying legal analyses justifying the approvals, and any agency correspondence with the White House or Trump family members concerning the decisions by June 1, 2026 ¹.