The criticism argues that Ripple and other digital asset companies are using OCC (U.S. national bank regulator) trust charters to operate like banks while avoiding standard regulatory obligations.
Sen. Elizabeth Warren has joined banks in challenging efforts by Ripple and other crypto firms to obtain trust charters from the OCC (U.S. national bank regulator). The criticism centers on the claim that these companies could function as crypto banks while sidestepping obligations typically applied to traditional banking institutions. In the digital asset sector, a trust charter can provide a regulated framework for custody (safekeeping client assets) and related financial services, making the debate important because it touches on how crypto firms should be supervised when offering bank-like services.