Elizabeth Warren questions OCC's crypto trust charters for Ripple, Coinbase and others

U.S. Sen. Elizabeth Warren said in a May 18 letter that the OCC has "improperly" approved national trust charters for crypto firms that she argues do not qualify under the National Bank Act. She pointed to approvals for Ripple, Circle, Paxos, Fidelity, BitGo and Coinbase, warning the charters could enable "crypto banks" to sidestep bank-level safeguards despite limits on FDIC-insured deposits and traditional lending.