Senator Elizabeth Warren Accuses US Regulator of Approving Ineligible Crypto Banks

US Office of the Comptroller of the Currency national trust bank charters provide a narrower scope of oversight than charters for full-service banks and are generally centered on trust activities. If crypto companies use them to offer custody, payments, lending or stablecoin services without being subject to equivalent banking rules, the arrangement could affect consumer protection, the separation of banking and commerce, and the safety of the financial system.

On May 18, 2026, Elizabeth Warren wrote to OCC Comptroller Jonathan Gould, saying the agency had approved or conditionally approved nine crypto companies, including Coinbase, Ripple and Circle, since December 2025. She demanded that the OCC provide applications, legal analyses and communications with the White House or the Trump family by June 1. On May 26, The Digital Chamber countered that the companies were voluntarily submitting to federal oversight.