Elizabeth Warren Slams OCC Over Crypto Trust Charters

Highlights:

• Elizabeth Warren criticized the OCC for approving crypto trust charters without full banking safeguards.
• Warren said some crypto firms may be using trust charters to act like banks.
• The senator asked the OCC to share charter documents and legal analyses by June 1.

U.S. Senator Elizabeth Warren has criticized the Office of the Comptroller of the Currency (OCC) for approving special national trust charters for several crypto companies. In a Monday letter to Comptroller of the Currency Jonathan Gould, Warren said the agency had approved at least nine such charters since last December, even though the companies appear to be planning activities beyond the limited role of trust companies.

🇺🇸 NEW: Sen. Elizabeth Warren questioned OCC approvals for crypto trust charters tied to Coinbase, Ripple and Paxos, per Bloomberg.

Warren warned some approvals may violate US banking law. pic.twitter.com/lfz2q150zs

— The Crypto Johannes (@TheCryptoJonny) May 19, 2026

Elizabeth Warren Says Crypto Firms Are Acting Like Banks

Warren argued that national trust companies have a narrower legal role than full-service national banks. A trust company usually handles fiduciary activities, such as acting as a trustee or managing assets on behalf of others. It does not face the same rules as a full national bank because it is not supposed to engage in broad banking activities such as accepting deposits or making loans.

In the letter, Warren said the OCC’s recent approvals may blur that line. She wrote that these companies are “effectively crypto banks” that want to avoid the “fundamental safeguards” that come with being a bank.

The letter named several approved companies, including Ripple National Trust Bank, Paxos Trust Company, First National Digital Currency Bank, Fidelity Digital Asset Services, BitGo Trust Company, Foris DAX National Trust Bank, National Digital Trust Company, Bridge National Trust Bank, and Coinbase National Trust Company. Warren also said more applications are still pending.

Concerns Over Payments, Lending, and Stablecoins

Warren said some business plans suggest that the approved companies may want to offer services beyond traditional trust work. These include crypto custody, payments, lending, trading, and stablecoin-related activity. A stablecoin is a crypto asset designed to keep a steady value, often by linking itself to the U.S. dollar.

The senator pointed to examples from company plans. She said Protego’s National Digital Trust Company planned to operate crypto custody, trading, lending and borrowing, and issuer services platforms. She also cited Coinbase National Trust Company’s plan to give custody clients access to staking, financing, and trading services, along with possible future payments products.

Warren also raised concerns about the GENIUS Act, a stablecoin law passed last year. She said the law did not change the National Bank Act’s limits on national trust companies. According to her letter, stablecoin issuers cannot use the new law to move beyond the powers granted to trust companies under existing banking law.

Senator Asks OCC for Documents by June 1

Warren asked the OCC to provide full charter applications for the nine approved companies and all pending national trust company applications by June 1. She also requested legal analyses supporting the approvals and details on what activities each company plans to conduct.

The senator also asked whether the OCC believes national trust companies can conduct non-fiduciary stablecoin activities, including stablecoin issuance. In addition, she requested communications between OCC officials and the White House, President Trump, members of his immediate family, or people acting on their behalf related to the charter approvals.