In response to U.S. Senator Elizabeth Warren’s claim that it may be illegal for crypto companies such as Coinbase and Ripple to obtain U.S. national trust bank licenses, the industry organization Digital Chamber sent a letter to the Office of the Comptroller of the Currency (OCC) urging it to defend the relevant approvals. Warren believes that by allowing crypto companies to conduct banking-like business under restrictive trust bank licenses, the OCC could weaken traditional bank oversight and create systemic risks. Digital Chamber countered that Congress, through the GENIUS Act, has already created a new category for federal regulators to oversee stablecoin issuers, and that it is reasonable for the OCC to grant related trust bank licenses; meanwhile, approved institutions such as Coinbase and Ripple do not take FDIC-insured deposits, and their stablecoin issuance, redemption, and custody services should not be simply equated with traditional banking business. (Decrypt)