Senator Warren Questions OCC's Approval of Crypto Trust Licenses

U.S. Senator Elizabeth Warren has raised concerns over the Office of the Comptroller of the Currency's (OCC) decision to grant national trust licenses to at least nine cryptocurrency companies. According to Foresight News, Warren addressed a letter to OCC Acting Comptroller Jonathan Gould, questioning the legality of these approvals. She argued that the activities of these companies exceed the narrow scope permitted by law, potentially violating the National Bank Act. Warren has requested the OCC to clarify the basis for these approvals and explain why seemingly ineligible crypto firms are being allowed to enter the banking system through trust licenses.