U.S. Senator Elizabeth Warren has asked the Office of the Comptroller of the Currency to explain its approval of national trust charters for several crypto companies, arguing that the firms may be operating beyond the narrow activities allowed under the National Bank Act. Warren, the ranking Democrat on the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to Comptroller Jonathan Gould questioning charter approvals for crypto firms including Ripple, Circle, Paxos, Fidelity Digital Asset Services, BitGo, Coinbase, and others. The senator said the OCC has approved at least nine national trust charters for crypto companies since December 2025. In her letter, she said the companies appear to be seeking the benefits of bank-like operations without meeting the full requirements that apply to national banks. Elizabeth Warren Questions OCC Crypto Charter Approvals Warren argued that several approved companieslook more like crypto banks than traditional trust companies. She said many of their business plans do not clearly show fiduciary trust activities as the main business. According to the letter, some plans suggest activities involving custody, payments, lending, and stablecoin operations. Warren said those activities are closely related to banking and should not be allowed through narrow trust charters if the firms do not meet full banking standards. The OCC has granted conditional approvals to several digital asset companies seeking national trust bank status. Circle’s approved application is tied to First National Digital Currency Bank. Other approved or conditionally approved firms include Coinbase, Crypto.com, Stripe subsidiary Bridge, Ripple, Paxos, Fidelity, and BitGo, according to reports. Stablecoin and Custody Activities Draw Scrutiny National trust charters do not allow firms to take FDIC-insured deposits or engage in traditional commercial lending. However, the charters may help crypto companies support stablecoin businesses and custody services under newer digital asset rules, including the GENIUS Act framework passed last year. Warren said the OCC’s approach could allow crypto companies to avoid rules created for full-service national banks. She said this raises concerns for consumers, banking-system safety, and the separation between banking and commerce. The senator also pointed to the distinction between trust companies and full-service national banks. Trust companies are generally expected to conduct fiduciary activities, while national banks face broader oversight tied to deposit-taking, lending, capital, liquidity, and consumer protection. The American Bankers Association previously urged the OCC to slow approvals for crypto-related national charters. The group cited concerns about unresolved receivership rules and incomplete federal oversight for digital asset firms. The dispute comes as Congress advances broader digital asset legislation. The U.S. Senate Banking Committee recently advanced the revised CLARITY Act by a 15-9 vote. The crypto market structure bill now awaits a full Senate floor vote and is designed to establish clearer regulatory roles for the SEC and CFTC over digital asset markets. Warren Requests Charter Records by June 1 Warren asked the OCC to provide full charter applications for all nine approved companies by June 1, 2026. She also requested the legal analyses used to support the approvals. The senator requested communications between OCC officials and the White House or members of the Trump family regarding the charter approvals. Warren has also criticized the pending charter path for World Liberty Financial, a crypto company connected to President Donald Trump and his family. In a post on X , Warren said Congress should prevent the president and his family from profiting from crypto deals while in office. The OCC had not immediately responded to reports about Warren’s letter. The agency has moved forward with digital asset charter approvals as the Trump administration supports a more open regulatory framework for crypto companies. The dispute adds to a wider policy debate over how crypto firms should enter the regulated financial system. Supporters of national trust charters say federal licensing can create clearer oversight for crypto custody, payments, and stablecoin services. Critics say the structure may allow firms to perform bank-like functions without meeting the same regulatory burden as banks.