Elizabeth Warren demands records from OCC by June 1, arguing crypto firms misused trust charters for broader banking activities.
Senator Elizabeth Warren has questioned the legality of national trust charters granted to nine crypto firms, including Ripple, in a May 18 letter to the Office of the Comptroller of the Currency (OCC). She set a June 1 deadline for the OCC to provide records, arguing the firms engaged in regulatory arbitrage by securing narrow trust charters while planning full banking services like payments and lending.
The charters, including Ripple’s, have been marketed as a regulatory milestone, positioning XRP within the traditional financial system. Warren’s challenge targets the OCC’s approval process under the National Bank Act, though no charters have been revoked. The crypto industry contends the GENIUS Act authorized the charters, leaving Ripple’s status uncertain.
Market implications remain unclear, as the dispute centers on regulatory compliance rather than XRP’s immediate valuation. Analysts note the outcome could reshape crypto firms’ access to banking infrastructure in the US.