Senator Elizabeth Warren is taking aim at the Office of the Comptroller of the Currency (OCC), arguing its approval of national trust bank charters for crypto firms is illegal.
In a letter to Comptroller Jonathan Gould, Warren claimed these approvals violate the National Bank Act and pose serious risks to the U.S. banking system.
"These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank," Warren wrote.
The OCC has approved charters for nine crypto-focused firms, including Coinbase, Circle, Ripple, Paxos, BitGo, and Fidelity.
Warren argues these companies are acting like banks by offering custodial and stablecoin services, but avoiding the same level of regulation.
She also raised concerns about ties between the OCC and the Trump administration, specifically regarding a pending application from World Liberty Financial, the Trump family's crypto venture.
At a Senate hearing in February, Warren pressed Gould on that application, accusing him of being "an accomplice" to alleged corruption.