Senator Warren Questions OCC Crypto Bank Approvals For Ripple, Coinbase

U.S. Senator Elizabeth Warren has raised crypto-related concerns towards the U.S. banking agency, the Office of the Comptroller of the Currency. She noted that the OCC is giving crypto providers a banking license they aren’t entitled to have.

Warren Pushes Back On Crypto Banking Access

In a letter to Comptroller Jonathan Gould, Warren spotlighted that the OCC has approved nine national trust charters for crypto-related companies since 2025. However, she believes that they may be engaging in activities that aren’t authorized for trust institutions under the law.

She stated that some of the applicants seem to be more of a full-service crypto bank rather than a fiduciary trust company.

Those on the list of companies discussed in connection with the approvals include Coinbase and Ripple. These companies, according to Warren, are looking for the conditions of operations that are required for banks. However, she noted that they’re not bound to work under tough conditions as those required for banks.

“These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,” Warren wrote. She added that the OCC actions “pose serious risks to consumers, the safety and soundness of the banking system, and the separation of banking and commerce.”

Nonetheless, President Trump hit back with an executive order to lift banking restrictions against crypto and fintech firms.

Senator Spotlights The Loophole Factor

The Massachusetts senator also blasted what she called the “regulatory arbitrage.” To justify her stance, she said that chartering approvals provide could create loopholes for crypto companies. Warren noted that it could help them provide custody, payment, lending, and stablecoin services without adhering to regulations enforced on federally chartered banks.

Several business plans for approved entities include activities that “do not include specific fiduciary trust activities,” she added. Instead, Warren said that they refer to activities involving “non-fiduciary custodial activities, facilitating payments and lending activities, and conducting stablecoin activities closely related to deposit-taking.”

The senator also questioned how politics may have played a role in the charter process. She asked for records of any communications between OCC officials, any White House officials, and members of the Trump family.

She further asked for details on a charter application for World Liberty Financial. Her demand comes as WLFI is under scrutiny for selling 5.9 billion tokens.

In addition, Warren requested that by June 1, 2026, the OCC issue a copy of the approved charter applications. Further, she has urged a legal analysis of how the decisions were made.