Warren launched a fierce attack on OCC, accusing it of illegally granting national trust bank licenses to nine major cryptocurrency giants, claiming it violated the National Bank Act, allowing crypto companies to operate core banking businesses under the guise of trusts without Federal Reserve oversight. She has ordered OCC to submit all license application documents and communications with the White House within a deadline, and questioned whether there are any conflicts of interest involved. If the allegations are proven, the relevant licenses could be revoked, and the foundation of blockchain compliance in the U.S. may be impacted.

MarsBitNews

2026-05-20 04:40:48

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Mars Finance News, May 20 — U.S. Senator Elizabeth Warren launched a fierce political attack against the Office of the Comptroller of the Currency (OCC), accusing it of illegally granting national trust bank licenses to nine major crypto giants including Coinbase, Ripple, Circle, and Paxos. Warren criticized this action as a serious violation of the National Bank Act, allowing crypto companies to operate core banking services illegally under the guise of trusts without strict Federal Reserve oversight. Currently, Warren has ordered the OCC to submit all license application documents and communication records with the White House within a deadline, even questioning whether there is any transfer of political capital involved. If the allegations are proven true, these key licenses could be revoked, potentially undermining the foundation of regulatory compliance in the U.S. blockchain industry.

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U.S. Senator Warren blasts OCC for illegal deregulation; nine major crypto giants face license revocation threat

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