Senator Warren criticizes OCC over Ripple, Coinbase and other crypto trust charters
Senator Elizabeth Warren criticized the OCC for granting national trust charters to crypto firms, alleging they seek to evade standard banking regulations.Summary
U.S. Senator Elizabeth Warren has formally challenged the Office of the Comptroller of the Currency (OCC) regarding its decision to grant national trust charters to numerous cryptocurrency companies, including Ripple, Coinbase, Circle, and Paxos. Warren argues that these firms are effectively operating as banks while attempting to bypass essential regulatory safeguards and oversight required under the National Bank Act. She asserts that this practice constitutes regulatory arbitrage, posing significant risks to consumer protection and the stability of the traditional banking system. The American Bankers Association has similarly voiced concerns regarding unresolved risks and the lack of comprehensive federal oversight for these digital asset entities.
(Source：The Block)