Senator Elizabeth Warren accused Office of the Comptroller of the Currency chief Jonathan Gould of illegally approving at least nine national trust charters for cryptocurrency companies in violation of the National Bank Act. Warren’s May 19 letter claims the OCC has permitted activities that exceed the narrow scope allowed under federal law, effectively enabling crypto firms to operate as banks while evading core regulatory safeguards.
National Trust Charters and Regulatory Scope
A national trust bank charter permits holders to provide fiduciary and custodial services without taking deposits or engaging in commercial lending. The OCC, a federal banking regulator, began approving crypto trust charters in December 2025. Warren contends these approvals violate the National Bank Act by allowing charter holders to conduct activities beyond what the law permits. The senator specifically requested all charter applications filed since December 2025 and communications between the OCC and Trump administration officials regarding the approvals.
Nine Charters Approved, Applications Pending
Approved charter holders include Coinbase, Crypto.com, Ripple, Stripe, BitGo, Circle, Fidelity Digital Assets, Protego Holdings, and Paxos. Payward, the parent company of Kraken, filed an OCC application on May 8, 2026. World Liberty Financial, a Trump family-backed crypto business, filed for a charter in January 2026. The specific approval dates for the nine existing charters remain undisclosed. Warren’s letter does not detail the particular activities she deems outside the law’s permitted scope.
Regulatory Arbitrage and Banking System Risk
Warren frames the OCC approvals as regulatory arbitrage—allowing crypto companies to access banking infrastructure while dodging obligations imposed on traditional banks. In her letter, Warren stated these firms are “effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank.” She warned the approvals pose risks to consumers, banking system safety, and the separation of banking and commerce. The underlying concern centers on whether charter holders can legitimately conduct crypto trading, lending, or other commercial activities under the guise of trust services.
Next Steps and OCC Response
The OCC has not publicly responded to Warren’s allegations. No timeline for the agency’s reply has been announced. Warren’s request for charter applications and internal communications may trigger congressional oversight activity. The status of World Liberty Financial’s application and Payward’s pending request remain unresolved.
