U.S. Senate scrutiny targets OCC approval of crypto trust charters

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Senate scrutiny of OCC crypto charters

Highlights

Senator Warren challenged Comptroller Gould's approval of at least nine OCC national trust charters for crypto firms like Coinbase, Ripple, and Fidelity Digital Assets since December 2025.
Warren demanded disclosure of OCC-approved crypto charter applications, related communications with Trump officials, and raised concerns about regulatory arbitrage and systemic risk.
On May 8, Payward (Kraken's parent) applied to the OCC for a national trust charter to expand digital asset custody services, amid ongoing Senate scrutiny.

Senate challenge focuses on charter approvals

As reported by the U.S. Senate Banking Committee, Warren said in a Monday letter that Gould had approved at least nine national trust charters for crypto companies whose planned activities appear to extend beyond the narrow powers allowed under the National Bank Act.

She asked Gould to provide the full applications of crypto companies that the OCC has approved or conditionally approved since December 2025, including Coinbase, Crypto.com parent company, Ripple, Stripe, BitGo, Circle, Fidelity Digital Assets, Protego Holdings and Paxos. Warren also requested communications between the OCC and President Donald Trump, his family members and White House officials.

Warren said the companies are effectively crypto banks seeking to avoid the safeguards and obligations that come with being a bank. She argued that enabling such regulatory arbitrage conflicts with federal law and creates risks for consumers, the safety and soundness of the banking system, and the separation of banking and commerce.

Regulatory impact on crypto custody expansion

Warren, the ranking member of the U.S. Senate Banking Committee, has repeatedly criticized regulators and lawmakers over potential conflicts tied to Trump's links to the crypto industry. She recently pushed for provisions in the CLARITY Act during a committee markup and also called on Gould to delay consideration of World Liberty Financial, the Trump family-backed crypto business that filed for a charter in January.

Separately, on May 8, Payward, the parent company of cryptocurrency exchange Kraken, filed an application with the OCC for a national trust charter. The company said approval would allow it to provide fiduciary custody and other services primarily for digital assets through Payward National Trust Company.

A national trust bank charter mainly allows holders to offer fiduciary and custodial services without taking deposits or making commercial loans, leaving them outside some of the regulatory requirements faced by traditional banks. The OCC did not provide an immediate response to a request for comment.

Our earlier coverage of Warren’s challenge to the OCC over crypto charter approvals explained her claim that the agency granted at least nine national trust charters to digital-asset companies whose plans go beyond what the National Bank Act allows. We also noted her request for the full applications, legal analyses, and OCC communications, arguing the approvals enable regulatory arbitrage and could raise risks for consumers and the banking system.

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