Senator Elizabeth Warren’s concerns about the Office of the Comptroller of the Currency’s (OCC) approval of charters for companies dealing in digital assets have prompted a reaction from the cryptocurrency industry.
On Tuesday, The Digital Chamber responded to Senator Warren’s concerns in a letter to Jonathan Gould, the Comptroller of the Currency. They maintained that the OCC’s previous actions were legal and based on thorough oversight.
Why Warren Targets OCC Crypto Charters
The disagreement stems from a letter Warren sent to Gould earlier this month. It came after news that the OCC had granted national trust charters to several companies dealing with digital assets.
According to Bitcoinist, Warren claims that some of the companies received a charter despite appearing to not qualify for it.
In a recent letter, the senator stated that the Office of the Comptroller of the Currency (OCC) had approved at least nine charters for cryptocurrency companies, which she believes exceed the legal limits of their permitted activities. She also suggested these approvals may violate the National Bank Act.
TDC stated that the recent charter decisions are a necessary and legally justified move to include digital asset companies within the federal system designed to ensure financial stability and security.
The Digital Chamber’s Response
The Digital Chamber clarified that the companies mentioned in Senator Warren’s letter didn’t receive approval without a thorough process. They explained that each company underwent a detailed review by the Office of the Comptroller of the Currency and fully complied with all relevant laws and regulations.
As a researcher, I found that approvals – or conditional approvals – for these firms were only given after we confirmed their planned work aligned with what national trust banks are legally allowed to do. Essentially, they had to prove their activities were permissible under the existing rules.
TDC disagreed with Warren’s claim that the approvals might have broken the National Bank Act, stating that his interpretation of the law and the OCC’s power to approve charters was incorrect.
In closing, The Digital Chamber stated its willingness to collaborate with the OCC, Congress, and all involved parties to create a strong and practical legal structure for digital assets.
The group determined that chartered banks don’t pose a risk to the overall banking system. They explained that these banks are federally regulated by the OCC and believe they will help create a more open and competitive financial landscape.
Featured image created with OpenArt; chart from TradingView.com
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2026-05-27 03:27