The Digital Chamber challenges Senator Warren’s claim that OCC approvals for crypto firms violate banking laws, citing congressional authorization.
The Digital Chamber, a leading crypto industry trade group, has called on the Office of the Comptroller of the Currency (OCC) to defend its recent approvals of national trust bank charters for firms like Coinbase and Ripple. The group argues the charters comply with existing regulations and were effectively authorized by Congress through the GENIUS Act.
Over the past year, the OCC has granted trust bank charters to multiple crypto firms, enabling them to engage in bank-like activities under lighter regulatory oversight. Senator Elizabeth Warren (D-MA) recently criticized the approvals, alleging they circumvent banking laws and allow crypto firms to operate with insufficient scrutiny.
The industry’s pushback highlights a growing divide between regulators and lawmakers over the role of crypto firms in the financial system. The OCC has not yet responded to the Digital Chamber’s request.