Warren Slams OCC Over Crypto Bank Charters, Citing Risks and Trump Ties
Senator Elizabeth Warren has sent a letter to Comptroller Jonathan Gould, arguing that the Office of the Comptroller of the Currency (OCC) illegally approved national trust bank charters for nine crypto companies, including Coinbase, Circle, and Ripple. She claims these approvals violate the National Bank Act and weaken banking safeguards, as these firms operate like crypto banks while avoiding full regulation. Warren highlights that the charters allow limited fiduciary services but not deposit-taking, yet the companies' business plans suggest intentions to engage in non-fiduciary activities like payments and lending, akin to traditional banks. She also raises concerns about the OCC's ties to President Trump, particularly regarding a pending application from World Liberty Financial, the Trump family's crypto venture. Warren requests detailed information on the charters and all correspondence between OCC officials and Trump associates. The clash follows a Senate hearing in February where Warren accused Gould of being an accomplice to corruption. World Liberty co-founder Zach Witkoff recently stated the company is nearing conditional approval from the OCC.
Key facts
- Warren argues OCC illegally approved crypto bank charters violating the National Bank Act.
- Nine crypto firms including Coinbase, Circle, and Ripple received national trust charters.
- Charters allow limited services but firms aim for non-fiduciary activities like payments.
- Warren questions OCC ties to Trump regarding World Liberty Financial's pending application.
- World Liberty co-founder says conditional OCC approval is in final stages.