Elizabeth Warren has raised serious concerns over the growing number of crypto-related bank charters approved by the Office of the Comptroller of the Currency. The senator claims the agency may have gone beyond its legal authority by allowing digital asset firms to operate under national trust bank charters.
In a letter sent to Comptroller Jonathan Gould, Warren argued that several cryptocurrency companies approved by the OCC appear to fall outside the limits established under the National Bank Act. She warned that the agency could be effectively rewriting banking law through its recent charter approvals.
Warren questions legality of OCC crypto approvals
According to Warren, at least nine digital asset firms have received national trust approvals or conditional approvals since late 2025. She believes many of these companies may not qualify under existing banking standards.
The senator stated that the approved firms “appear to far exceed” the narrow activities normally permitted for national trust banks. She also questioned whether the OCC properly reviewed the legal and operational qualifications of these crypto companies before granting approvals.
Warren’s concerns are centered on whether the OCC followed statutory requirements and whether these crypto firms should receive banking privileges without stronger oversight.
OCC continues expanding crypto banking access
Over the past year, the OCC has gradually opened the door for crypto firms seeking access to federal banking structures. The regulator has argued that services such as digital asset custody, settlement, and certain crypto trading activities can fit within the traditional “business of banking” framework when properly supervised.
In December 2025, the OCC clarified that national banks could participate in “riskless principal” crypto transactions. Under this model, banks can facilitate crypto trades as long as they do not hold the assets in inventory.
Supporters of the OCC’s approach say the trust charter system creates a clearer and more consistent federal framework for digital asset custody and settlement services.
Growing debate over crypto and banking laws
Warren, however, believes the regulator is moving too aggressively without direct approval from Congress. She has repeatedly warned that allowing crypto firms into the banking system through trust charters could create regulatory loopholes and increase political favoritism within financial markets.
Her latest letter requests detailed explanations from the OCC regarding:
- How each crypto charter was evaluated
- What legal standards were applied
- Why these firms qualified as national trust banks
- Whether the approvals fully complied with the National Bank Act
The debate reflects a broader struggle in Washington over how existing financial laws should apply to cryptocurrency businesses.
What this means for the crypto industry
The dispute could have major implications for the future of crypto banking in the United States. If lawmakers or courts decide the OCC exceeded its authority, future crypto trust charter approvals may face tighter restrictions or additional legal scrutiny.
At the same time, many industry participants see these charters as an important step toward integrating digital assets into the traditional financial system under federal supervision.
The growing conflict between regulators and lawmakers highlights the ongoing uncertainty surrounding crypto regulation in the U.S. banking sector.
