TheBlock
The Digital Chamber, a crypto industry group representing more than 250 companies, fired back at Sen. Elizabeth Warren over her claim that national trust charters granted to Ripple, Circle, Coinbase, Paxos, Fidelity Digital Assets and BitGo were unlawful. In a Tuesday letter to Comptroller of the Currency Jonathan Gould, TDC CEO Cody Carbone called Warren's characterization of the approvals as "apparent violations" of the National Bank Act a misreading of both the statute and the OCC's longstanding charter authority.
The letter is a direct response to Warren's missive last week accusing the OCC of granting the charters improperly and warning the firms "pose risks to the financial system." Warren argued the approvals came in response to last summer's GENIUS Act — the bipartisan stablecoin law — but don't change the underlying National Bank Act framework. Carbone countered that it would be "deeply incongruous for Congress, on an overwhelmingly bipartisan basis, to establish a new category of federally regulated stablecoin issuer while the OCC stood by and declined to exercise its chartering authority."
Why it matters
The clash puts the OCC's crypto chartering program in the crosshairs of a high-profile senator at the exact moment the agency is onboarding its first wave of digital-asset trust companies. Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos received conditional OCC approval last year, with Coinbase joining the queue more recently. If finalized, the charters let the firms hold customer assets at the federal level — without the ability to accept cash deposits or make loans. A successful Warren-led challenge could pause or unwind that pipeline, forcing the firms back into state-by-state supervision.
Market impact
TDC's intervention is the industry's first coordinated legal-defense play for the OCC trust-charter track and signals that the lobbying group is willing to spend political capital to keep the door open. With stablecoin legislation already through the stablecoin-rewards sticking point, the charters are the next structural piece crypto firms are trying to lock in.
Frequently asked questions
-
What did Sen. Warren actually say about the OCC crypto charters?
In a letter to the OCC last week, Warren said recently granted national trust charter approvals to Ripple, Circle, Coinbase, Paxos, Fidelity and BitGo violated the National Bank Act and that the firms were not being held to the same standards as traditional banks.
-
How did The Digital Chamber respond?
TDC CEO Cody Carbone sent a Tuesday letter to Comptroller of the Currency Jonathan Gould calling Warren's reading a misreading of both the statute and the OCC's longstanding charter authority, and arguing it would be incongruous for Congress to set up a regulated stablecoin category while the OCC declined to charter…
-
Which crypto firms have OCC trust charter approval?
Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos received conditional OCC approval last year, with Coinbase also pursuing a charter. Final approval would let them hold customer assets federally, but they cannot accept cash deposits or make loans.
-
What would happen if Warren's challenge succeeds?
A successful legal or political challenge to the OCC trust-charter track could pause or unwind the current approvals pipeline, forcing the firms back into state-by-state supervision rather than operating under a single federal charter.
-
How does this connect to the GENIUS Act?
Warren argued the new trust charters were effectively a response to last summer's GENIUS Act stablecoin law and that the law does not amend the National Bank Act. The Digital Chamber countered that the same bipartisan logic that created a regulated stablecoin category requires the OCC to exercise its chartering…
Crypto News
CoinTelegraph
Altcoin Daily
CryptoSlate
CoinDesk
WatcherGuru