Crypto Firms Push Back on Senator Warren’s Challenge
The Digital Chamber, a leading crypto trade group, has urged the Treasury Department to back its recent decision to grant national trust bank charters to crypto companies.
The Chamber asked the Office of the Comptroller of the Currency (OCC) to defend these approvals and keep working on clear rules for trust banks.
Recent OCC Approvals
Last year, the OCC granted national trust charters to firms such as:
- Coinbase
- Circle
- Ripple
- Paxos
- BitGo
- Fidelity
- Crypto.com
- Stripe
- Protego
These charters enable the companies to run stablecoin operations—creating, redeeming, and holding digital tokens that track the U.S. dollar.
Regulatory Concerns
Senator Elizabeth Warren has warned that these approvals might break banking law, arguing that allowing crypto firms to act like banks under lighter rules could threaten the U.S. financial system.
The Digital Chamber counters that Congress already granted the OCC authority through the GENIUS Act, which legalized stablecoin issuance. The group claims it would be inconsistent for Congress to create a new regulated category while the OCC refuses to use its chartering power.
Trust Companies vs. Traditional Banks
National trust companies are less tightly supervised than traditional banks. They typically manage assets for others but do not accept customer deposits insured by the FDIC. The crypto firms that received charters are not taking such deposits, so they argue their activities fit within the trust company model.
They insist that the charters are legal and necessary for stablecoin growth, highlighting a clash between lawmakers concerned about oversight and industry players seeking regulatory clarity.
