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Senator Elizabeth Warren has accused Comptroller of the Currency Jonathan Gould of "improperly" issuing national trust charters to crypto companies, arguing the nine approvals granted since December 2025 go far beyond the narrow activity set the National Bank Act actually permits. In a letter dated Monday, May 18, Warren called out specific recipients including Ripple, Circle, Paxos, Fidelity, BitGo and Coinbase, accusing the OCC of greenlighting "crypto banks" that want to "evade the fundamental safeguards and obligations that come with being a bank."
The first wave of conditional OCC approvals landed at the end of 2025, covering five firms applying for the federal charter needed to become trust banks. Since then the OCC has added Coinbase, Crypto.com, and Stripe's Bridge subsidiary to the list, with Circle's approval tied to a new entity named First National Digital Currency Bank. None of these charters permit FDIC-insured deposits or traditional commercial lending, but they are positioned to support stablecoin operations under the GENIUS Act framework passed last summer.
Why it matters
Warren is the Ranking Member of the Senate Banking Committee, which gives the letter institutional weight the OCC has to answer to rather than dismiss as fringe criticism. Her argument is structural, not ad-hoc: the National Bank Act authorises a narrow set of fiduciary trust activities, and she is claiming these firms' business plans are not anchored in those activities at all. The February American Bankers Association letter pushing the OCC to slow down on these charters — citing unresolved receivership protocols and unfinished federal oversight — runs the same direction, suggesting Warren is widening a critique the banking lobby already opened.
If the OCC stands pat, the trust-charter lane stays open and the GENIUS Act infrastructure matures around stablecoin issuers operating under federal trust supervision. If Congress or a future administration tightens the lane, those firms face re-licensing, scope constraints, or unwound charters — a materially different operating cost than they priced in when they applied.
Frequently asked questions
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What did Senator Warren say about the OCC's crypto trust charters?
In a May 18 letter to Comptroller of the Currency Jonathan Gould, Warren accused the OCC of "improperly" approving nine national trust charters for crypto firms since December 2025, arguing the recipients are "crypto banks" seeking to evade the safeguards and obligations of actual bank charters under the National Bank…
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Which crypto companies were named in the Warren letter?
Warren specifically called out Ripple, Circle, Paxos, Fidelity, BitGo and Coinbase, with the broader cohort of nine approved charters also including Crypto.com and Stripe's Bridge subsidiary.
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What does a national trust charter from the OCC actually let a crypto firm do?
The charters do not permit FDIC-insured deposits or traditional commercial lending. They are positioned to support stablecoin operations and related fiduciary activities under the GENIUS Act framework passed last summer.
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Is this just political rhetoric or could the charters actually be unwound?
Warren is the Ranking Member of the Senate Banking Committee, giving the letter institutional weight. The American Bankers Association made a similar case to the OCC in February, suggesting bipartisan pressure to tighten the lane — though the charters themselves remain valid pending any formal OCC or congressional…
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What is Circle's First National Digital Currency Bank?
Circle's conditionally approved national trust bank charter is tied to a new entity called First National Digital Currency Bank, the structure through which Circle intends to operate federally supervised trust activities connected to its stablecoin business.
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