Senator Elizabeth Warren accuses U.S. regulator of approving unqualified crypto banks

Senator Elizabeth Warren has written to the U.S. Office of the Comptroller of the Currency (OCC) demanding an explanation for its decision to grant trust charters to nine crypto-focused institutions. Warren argues these companies, including Coinbase, Paxos, Ripple, BitGo, and Fidelity Digital Asset Services, are effectively operating as crypto banks but are evading the full regulatory safeguards required of traditional banks. She contends that this "regulatory arbitrage" conflicts with federal law and poses significant risks to consumers, the banking system's soundness, and the separation of banking and commerce. Warren also requested records of communications between the OCC and President Donald Trump or his family regarding these charter approvals, having previously criticized the chartering of World Liberty Financial Inc., in which Trump's family holds a stake.

(Source：CoinDesk)