Senator Elizabeth Warren has launched a critical inquiry into the Office of the Comptroller of the Currency (OCC), accusing its chief, Jonathan Gould, of unauthorized approvals for national trust charters intended for cryptocurrency firms.
In a pointed letter dated Monday, the Massachusetts lawmaker expressed deep concerns that the approval of at least nine charters for companies such as Coinbase and Ripple may contravene the National Bank Act. Warren contends that these entities are seeking to operate as crypto banks without adhering to the rigorous safeguards traditionally imposed on banking institutions.
“These companies intend to engage in activities that extend far beyond what is legally permitted,” Warren emphasized, warning that this regulatory leniency could jeopardize consumer protection and threaten the overall stability of the financial system. She called on Gould to release all applications approved since December 2025, as well as any communications between the OCC and former President Donald Trump or his affiliates.
“Your decision to facilitate this regulatory arbitrage directly undermines federal law and poses serious risks to both consumers and the integrity of our banking landscape,” Warren added. Her scrutiny comes as the OCC has increasingly faced criticism for decisions perceived as favoring the rapidly evolving crypto sector at the expense of stringent regulatory oversight.
Warren's demands are intertwined with broader concerns about potential conflicts of interest involving Trump and his connections to the crypto industry. She has urged fellow lawmakers to reconsider provisions regarding his family-backed company, World Liberty Financial, which submitted a charter application earlier this year.
Meanwhile, in a separate development, Payward — the parent company of cryptocurrency exchange Kraken — is in the process of seeking its own national trust charter. If granted, this charter would permit them to provide fiduciary custody and other services primarily for digital assets, positioning them alongside other crypto firms navigating the regulatory landscape.
The controversy surrounding the OCC's charter approvals raises pivotal questions regarding the future of cryptocurrency regulation in the United States and the balance required to foster innovation while ensuring consumer protection and institutional integrity.
Cointelegraph has reached out for comment from the OCC but has not yet received a response.
Source: Cointelegraph