Warren vs. OCC: Digital Chamber Defends Crypto National Trust Charters

Senator Elizabeth Warren’s public rebuke of the Office of the Comptroller of the Currency’s handling of national trust bank charters for crypto firms has drawn an immediate pushback from the industry. On Tuesday, The Digital Chamber (TDC) delivered a formal letter to Comptroller Jonathan Gould defending the OCC’s actions, saying the agency’s approvals were lawful and the result of a careful supervisory review. The response came after Warren wrote to Gould earlier this month, citing media reports that the OCC had approved national trust charters for multiple digital-asset companies. Warren’s complaint alleged that at least some of the firms receiving charters “appear to be seemingly ineligible” and claimed the OCC approved at least nine charters that “appear to go far beyond the narrow set of activities permitted by law,” raising concerns about an “apparent violation of the National Bank Act.” Her letter amplified a regulatory flashpoint over how crypto firms should be licensed and supervised at the federal level. TDC pushed back forcefully. In its letter, the trade group argued the OCC’s charter decisions were “a legally sound and long-overdue step” toward folding digital-asset activities into the federal prudential framework. TDC said the move is aimed at safety and soundness, not regulatory sleight-of-hand, and stressed that the firms named by Warren were not simply handed approvals. According to The Digital Chamber, each applicant underwent a rigorous OCC review and met applicable statutory and regulatory standards. Charters — or conditional approvals — were granted only after firms showed their proposed activities fit within the permissible powers of national trust banks, TDC said. The group also rejected Warren’s allegation that the approvals amounted to violations of the National Bank Act, calling that reading a misunderstanding of the statute and the OCC’s longstanding chartering authority. Looking ahead, TDC said it’s ready to work with the OCC, Congress and other stakeholders to help shape a “legally durable and functionally effective” federal framework for digital assets. The group framed the newly chartered banks as regulated federal entities under OCC supervision that could help drive a more inclusive and competitive financial system — not a threat to banking stability. The exchange highlights a broader tug-of-war between lawmakers who worry about legal overreach and industry advocates pressing for clearer federal pathways for crypto firms. With both sides dug in, the debate over the scope of national trust charters for digital-asset companies is likely to continue shaping U.S. crypto policy.