U.S. Senator Warren Questions Whether the Office of the Comptroller of the Currency’s Issuance of Trust Charters to Crypto Companies Violates the National Bank Act

According to Bloomberg, Senator Elizabeth Warren has questioned financial regulators’ decision to allow cryptocurrency companies to enter the banking system. The Massachusetts Democrat sent a letter to Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), noting that the agency has approved at least nine national trust charters for crypto firms that “appear unqualified.” Warren stated that these charters “appear to far exceed the narrow scope of activities permitted by law” and constitute “an apparent violation of the National Bank Act.” She questioned whether the OCC followed applicable legal requirements during its approval process and requested an explanation regarding the compliance of these crypto firms in obtaining bank charters.