The Chamber of Digital Commerce fired back at Senator Elizabeth Warren on Tuesday, urging the OCC to stand behind its recent national trust bank charter approvals for crypto firms. Warren had accused the OCC of improperly granting at least nine charters since December 2025, claiming the agency allowed crypto companies to sidestep stricter banking regulations.
These aren't full bank charters. They permit limited fiduciary activities, meaning the firms can handle custody and trust services, but cannot take deposits or make loans.
Ripple National Trust Bank received its conditional approval on December 12, 2025. Circle's First National Digital Currency Bank landed its charter the same day. Coinbase National Trust Company followed on April 2, 2026.
Cody Carbone, CEO of the Chamber, framed the approvals as consistent with congressional direction-pointing to the GENIUS Act, a stablecoin regulation bill, as evidence lawmakers want crypto firms in a recognized framework. The Chamber also argued federal oversight provides better consumer protection than state-level licenses.
Warren's demand for records of Trump administration communications suggests she sees potential political interference. Her June 1 deadline for those records will be worth watching closely.
Nine charters since December 2025 is a rapid pace. Firms without charters may find themselves at a disadvantage competing for institutional clients requiring federally supervised counterparties.