Warren Calls OCC Crypto Trust Charter Approvals Illegal Under Bank Law
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Senator Elizabeth Warren accused the OCC of improperly approving at least nine crypto national trust charters in a letter to Comptroller Jonathan Gould, saying the approvals may let firms perform bank-like activities while evading full bank obligations and could violate the National Bank Act. She warned these trust charters create consumer risk, conflicts of interest and threaten the separation of banking and commerce, raising regulatory and compliance risk for crypto firms and the broader market.
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- Senator Elizabeth Warren said the OCC improperly approved at least nine crypto national trust charters.
- Her letter said some firms appear to seek bank-like activities without full bank obligations.
- Warren named risks tied to consumers, conflicts of interest, and the separation of banking and commerce.
Senator Elizabeth Warren has accused the Office of the Comptroller of the Currency of wrongly approving national trust charters for crypto firms that she says may be acting like banks without following full bank rules.
In a letter to Comptroller Jonathan Gould, Warren said the OCC’s approvals for at least nine crypto-linked national trust companies appear to conflict with the National Bank Act. She warned that the structure could expose consumers and the banking system to risks if firms use narrower trust charters to run broader crypto banking operations.
Warren…
Read The Full Article Warren Calls OCC Crypto Trust Charter Approvals Illegal Under Bank Law On Coin Edition.
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