Senator Elizabeth Warren has criticized the Office of the Comptroller of the Currency (OCC) for granting national trust company charters to crypto firms she says are effectively functioning as banks without complying with the full set of banking regulations.

Writing to Comptroller Jonathan Gould, Warren said at least nine crypto companies have received trust charters since December 2025 even though their proposed activities appear to go beyond traditional fiduciary services. She argued the approvals amount to regulatory arbitrage that could weaken consumer protections and threaten banking system safety.

The ranking Democrat requested copies of the charter applications, supporting legal analyses, and communications between OCC officials and the White House or Trump family members connected to the approvals, with a June 1, 2026 deadline.

Since late 2025, the OCC has granted conditional national trust bank approvals to a series of crypto firms, including Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets in a coordinated December 12 announcement, followed by additional approvals in early 2026 for firms such as Bridge, Stripe’s crypto unit, Protego, and Crypto.com.

Critics in the banking industry and some policymakers have questioned the OCC’s pace and transparency, specifically around how conditional approvals define limits on custody, capital, and stablecoin activities.

The Bank Policy Institute (BPI) and other banking trade groups have raised concerns that the OCC may be overstepping its authority, warning about risks to safety, soundness, and competitive fairness. The American Bankers Association has also argued that crypto firms could gain bank-like benefits without meeting equivalent regulatory standards.

State-level regulators have likewise objected due to concerns over federal preemption and reduced oversight, with some signaling legal action.