Senator Elizabeth Warren Challenges OCC Crypto Trust Charters Under National Bank Act

Senator Elizabeth Warren is challenging the OCC’s approvals of at least nine crypto-related national trust charters, arguing they may let firms conduct bank-like activities without safeguards required under the National Bank Act. At the same time, President Donald Trump signed an executive order titled “Integrating Financial Technology Innovation into Regulatory Frameworks,” directing the Federal Reserve and other regulators to review within 90 days whether existing supervisory practices and rules are blocking fintech and crypto firms from partnering with federally regulated institutions, while the Fed is asked to determine within 120 days whether uninsured depository institutions and non-bank digital asset firms should be able to access Reserve Bank payment accounts and services. The order specifically raises the prospect that Wyoming special purpose depository institutions could gain a path to a Federal Reserve master account, asks the Fed to assess legal barriers and establish clear application procedures where permitted by law, and says decisions on completed applications should come within 90 days. The SEC, CFTC, OCC, and FDIC were also told to review chartering, deposit insurance, and related approval processes while maintaining consumer protection, market integrity, and financial stability. The move has intensified debate over Federal Reserve payment rails such as Fedwire, especially after the Kansas City Fed approved a limited-purpose payment account for Payward, Kraken’s parent company, in March, while banking groups argue non-bank firms should not receive bank-like payment access without equivalent regulation.