Elizabeth Warren Criticizes Bank Licenses Granted to Crypto Companies
Massachusetts Senator Elizabeth Warren has accused Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), of unlawfully approving national trust charters for cryptocurrency companies. Warren argues that these permits violate the National Bank Act, allowing companies to engage in activities outside the legal framework. This is reported by Cointelegraph.com reports .
The Senator demanded full documentation regarding licenses granted to companies such as Coinbase, Ripple, Stripe, BitGo, Circle, Fidelity Digital Assets, Protego Holdings, and Paxos. She also requested an investigation into the ties between the OCC and the Donald Trump administration. Warren believes these crypto firms are abusing their banking status and threatening the security of the financial system.
Warren also called for a delay in the licensing process for World Liberty Financial, a project backed by the Trump family. According to her, such regulatory arbitrage contradicts the protection of consumer rights and the stability of the banking system.
On the other hand, Payward, the parent company of the Kraken exchange, has also applied for a national trust charter. Such a license does not grant companies the right to accept deposits or issue commercial loans, but it does allow them to provide custodial services for digital assets and other fiduciary services.
