U.S. Senator Warren Lambasts OCC for Unauthorized Regulatory Actions, Nine Major Crypto Firms' Trust Charters Face Revocation Crisis

BlockBeats News, May 20th: U.S. Senator Elizabeth Warren launched a fierce political attack on the Office of the Comptroller of the Currency (OCC), accusing it of illegally granting national trust bank charters to nine 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 functions illegally through "disguised trusts" in the absence of strict Fed oversight.

Currently, Warren has demanded that the OCC hand over all charter application documents and communications with the White House by a deadline, even questioning the existence of interest alignment with specific political capital. If the accusations are proven, these key charters may be forcibly revoked, dealing a blow to the foundation of compliance for the blockchain industry in the U.S.