The Digital Chamber, a top crypto trade group, urged the OCC to defend recent national trust bank charter approvals for crypto firms, pushing back against Sen. Elizabeth Warren's claims that the approvals may violate banking law. Warren argued that allowing crypto firms to use trust charters for bank-like activities under lighter regulation poses systemic threats. The crypto industry counters that the GENIUS Act, passed last year, authorizes the OCC to approve such charters. The OCC has granted charters to firms including Coinbase, Circle, and Ripple for stablecoin issuance and custody. The debate centers on whether stablecoin activities constitute traditional banking, with Congress ultimately siding with crypto in the GENIUS Act.

Key facts

• Digital Chamber urges OCC to defend crypto trust bank charters.
• Sen. Warren claims approvals violate banking law, pose systemic risk.
• Debate centers on stablecoin activities and banking regulation.
• GENIUS Act cited as authority for OCC charter approvals.
• OCC approved charters for Coinbase, Circle, Ripple, and others.

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