The Office of the Comptroller of the Currency has issued national trust bank charters to at least nine cryptocurrency firms, including Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. Senator Elizabeth Warren is challenging the move, alleging the approvals violate the National Bank Act and demanding all communications between the OCC and the Trump administration related to the decisions. The political friction adds regulatory uncertainty even as the charters represent a meaningful step toward crypto firms operating inside the traditional banking framework.
Trust charters allow crypto companies to custody assets and offer financial services under federal oversight — a legitimacy upgrade that could unlock institutional capital and reduce reliance on state-by-state licensing. For holders of XRP, Coinbase equity, and stablecoins issued by Circle or Paxos, this is structurally bullish if the charters survive legal challenge. However, Warren's invocation of the National Bank Act introduces real litigation risk that could delay or invalidate approvals, creating near-term volatility.
Ongoing: Watch for OCC formal responses to Warren's document request. Summer 2025: Potential legal filings challenging charter validity under the National Bank Act. Watch for Senate Banking Committee hearings on OCC crypto policy.
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