Warren presses OCC on approving ineligible crypto trust charters

Massachusetts Senator Elizabeth Warren has intensified scrutiny of the Office of the Comptroller of the Currency’s push to charter crypto firms as national trust banks, arguing that such moves may violate banking law and blur the lines between banking and crypto activities.

In a letter addressed to OCC Acting Comptroller Jonathan Gould, Warren contends that the agency has approved at least nine national trust charters for crypto companies whose activities “appear to go far beyond the narrow set of activities permitted by law,” potentially breaching the National Bank Act. She has requested a full accounting: all national trust charter applications approved since December 2025, any conditional approvals, and all communications between the OCC and figures connected to the Trump administration, including President Trump, his family, and White House officials. Source: US Senate Banking Committee.

Warren—ranking member of the Senate Banking Committee—described the charter push as a bid by certain crypto companies to act as banks while avoiding the safeguards that come with banking status. “These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,” she wrote, warning that the regulator’s approach risks consumers and the integrity of the banking system. The OCC did not provide an immediate comment when reached by Cointelegraph.

Key takeaways

• Senator Elizabeth Warren alleges the OCC has approved nine national trust charters for crypto firms that may exceed the National Bank Act, calling for full disclosures of approvals since December 2025.


• Kraken’s parent Payward filed on May 8 for a national trust charter, aiming to offer fiduciary custody and related services for digital assets under the Payward National Trust Company.


• A national trust charter permits custodial and fiduciary services without traditional deposit-taking or lending, potentially reducing regulatory burdens for crypto custodians.


• The debate sits within broader political and regulatory tensions, including Warren’s criticisms of perceived conflicts of interest and ongoing discussions around the CLARITY Act and related crypto legislation.


• Investors should monitor how, if at all, these charters affect custodial infrastructure, consumer protections, and the boundary between banking regulation and crypto activity.

Kraken bid on the OCC’s table, signaling a broader push for crypto custody

On May 8, Payward—the parent company of the cryptocurrency exchange Kraken—submitted an application to the OCC for a national trust charter. If approved, the charter would allow Payward to provide fiduciary custody and other services primarily for digital assets under the proposed Payward National Trust Company. This aligns with a broader pattern of crypto firms seeking formal, bank-like status to access regulated custodial services and potentially traditional financial rails without engaging in deposit-taking or lending, a hallmark of a national trust charter.

A national trust charter is distinct from a conventional bank charter. It would permit these providers to offer custodial and fiduciary services for clients’ assets while avoiding the full spectrum of deposit-taking and commercial lending requirements typical of traditional banks. The resulting regulatory regime could offer more clarity and oversight for digital-asset custody but may also raise questions about the adequacy of consumer protections and the precise scope of activities allowed under such charters.

Regulatory tensions and the politics of crypto banking

The push for national trust charters sits at the intersection of a broader regulatory debate over how the U.S. should oversee crypto-related financial services. Warren has been a vocal critic of perceived policy conflicts that connect political figures to the crypto industry. In recent weeks, she has pressed for clarifications in crypto market structure legislation—the CLARITY Act—and has urged regulators to slow or reconsider approvals around charter applications tied to political figures and their families, including references to World Liberty Financial, a Trump family–backed initiative that filed for a charter earlier in the year. Cointelegraph coverage.

From the regulator’s perspective, the central question is whether national trust charters strike an appropriate balance between enabling legitimate custody and ensuring robust consumer protections and financial stability. Critics warn that creating a parallel, crypto-specific banking lane could sow regulatory fragmentation if not harmonized with federal banking standards. Supporters argue that formal chartering could bring necessary discipline, tailor oversight for digital assets, and improve confidence for institutional participants seeking regulated custody services.

As the regulatory dialogue continues, lawmakers and industry participants will watch for concrete OCC actions: new charters granted, denials, or policy statements clarifying the framework for crypto custodians. In the meantime, the OCC’s current approach remains under close political scrutiny, with potential implications for market participants seeking regulated custody and for investors assessing the risk and governance of crypto infrastructure.

Cointelegraph requested comment from the OCC but did not receive an immediate response.

Earlier context around Warren’s crypto governance stance and related regulatory efforts is available in ongoing coverage from Cointelegraph, including notes on her push to curb perceived conflicts of interest and to shape crypto policy more firmly in Congress. For reference, see Warren’s remarks on financial policy and related reporting: Warren’s concerns about crypto bailouts.

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