Crypto industry defends OCC’s crypto bank charters

The Digital Chamber asserts OCC’s crypto trust charters are legal, countering Senator Warren’s concerns about regulatory gaps for crypto firms.

The Digital Chamber, representing over 250 crypto-related organizations, has strongly defended the Office of the Comptroller of the Currency’s (OCC) recent approvals of national trust bank charters for companies like Coinbase, Ripple, and Circle. This move comes in response to Senator Elizabeth Warren’s concerns that such approvals could allow crypto firms to operate like banks under less stringent regulations, potentially breaching U.S. banking laws. The Chamber argues that the OCC acted within its legal mandate and followed established regulatory procedures. It clarifies that these are not full bank charters but limited charters, permitting fiduciary activities such as custody and trust services, while excluding deposit-taking or lending. Additionally, the Chamber emphasizes that crypto firms remain under federal oversight and are not evading regulation. The debate highlights ongoing discussions about the OCC’s authority, stablecoin regulation, and the need for a comprehensive federal framework for digital assets. Senator Warren has requested detailed documentation from the OCC, with a submission deadline of June 1, 2026.