Massachusetts Senator Elizabeth Warren accused Jonathan Gold of the Office of the Comptroller of the Currency (OCC) of violating banking laws by approving a national trust charter for cryptocurrency companies.
In a letter to Gold on Monday, Warren said the OCC chief “has approved at least nine national trust charters for crypto companies that intend to engage in activities that go far beyond the narrow set of activities permitted by law,” in clear violation of the National Bank Act.
Source: US Senate Banking Committee
They called on Gold to provide the full applications of crypto companies approved or conditionally approved by the OCC by December 2025, including Coinbase, the parent company of Crypto.com, Ripple, Stripe, BitGo, Circle, Fidelity Digital Assets, Protego Holdings and Paxos, as well as communications between the office and US President Donald Trump, members of his family, and White House officials.
“These companies are effectively crypto banks that want to avoid the basic safeguards and obligations that come with being a bank,” Warren said. “Your decision to facilitate this regulatory arbitration not only conflicts with federal law, it also creates serious risks to consumers, the safety and soundness of the banking system, and the separation of banking and commerce.”
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Warren, the ranking member of the US Senate Banking Committee, has repeatedly criticized lawmakers and regulators for supporting policies with potential conflicts of interest related to Trump’s ties to the crypto industry. He emphasized provisions in the crypto market structure bill, the Clarity Act, at a committee markup last week and called on Gold to delay consideration of Trump family-backed crypto business World Liberty Financial, which filed for a charter in January.
Cointelegraph requested comment from the OCC but did not immediately receive a response.
Kraken parent application under review
On May 8, Payword, the parent company of cryptocurrency exchange Kraken, filed an application with the OCC for a national trust charter. If approved, the charter will allow it to “primarily provide fiduciary custody and other services for digital assets” under the Paywire National Trust Company, the company said.
A national trust bank charter primarily allows holders to provide fiduciary and custodial services without being involved in taking deposits or making commercial loans, meaning they are not subject to the same regulatory requirements as traditional banks.
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