OCC national trust charter approvals face Warren challenge

The Digital Chamber (TDC) pushed back against Sen. Elizabeth Warren’s claim that OCC national trust charter approvals for crypto firms could violate the law. In a letter to the OCC, TDC argued the approvals are a legally sound move to place digital-asset activity into a federal prudential framework focused on “safety and soundness.” Around 10 companies—Ripple, Circle, Coinbase, and Anchorage Digital among them—received OCC national trust charter approvals in recent months. TDC said the charters would let them custody crypto assets and operate nationwide without needing separate state-by-state licenses, and also support preparations for the U.S. stablecoin law under the GENIUS Act. Warren, however, warned the process may create “clear risks to consumers” by enabling a bank-like model that could bypass some bank-level safeguards and obligations. She asked the OCC to explain its review and approval process for the chartered firms. Traders should watch how the OCC responds and what additional disclosures emerge as political scrutiny increases ahead of stablecoin rulemaking. For crypto custody and stablecoin-linked market participants, the near-term headline risk is political back-and-forth, while the medium-term signal is clearer federal oversight.