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Sen. Elizabeth Warren sent a letter to the Office of the Comptroller of the Currency on May 18, challenging at least nine crypto trust-charter approvals. The request specifically targeted the preliminary conditional approval granted to Coinbase in April and other similar authorizations. The senator asked for the underlying applications, legal analyses supporting the approvals, and any communications between OCC officials and the White House or the Trump family.
Records Request Targets Compliance and Conflicts
Sen. Richard Blumenthal renewed demands for records four days before Coinbase announced its final approval on Nov. 9. The Connecticut senator sought documents from Binance, Tether, and two Trump-linked ventures. Blumenthal set a deadline of Jan. 4, 2027, for these entities to turn over records voluntarily. He warned that his subcommittee could take other steps to obtain the records if they were not provided by that date.
Congressional investigators are seeking to understand how federal regulators used existing authority to expand the reach of crypto companies. The inquiry focuses on how regulators justified the new trust charters and how crypto companies handled compliance. Lawmakers are also investigating dealings that crypto firms had with people tied to President Donald Trump’s administration.
Coinbase Cites Federal Framework
Coinbase announced on Nov. 9 that its national trust company received final approval to open. The OCC had granted the company preliminary conditional approval in April. Coinbase stated that the charter provides a consistent federal framework for its custody business. The company’s announcement came as Senate scrutiny of the regulatory process intensified.
The OCC did not immediately respond to requests for comment regarding the specific legal analyses requested by Sen. Warren. The subcommittee led by Sen. Blumenthal continues to monitor the voluntary record turnover process. The Jan. 4, 2027, deadline remains the current benchmark for compliance with the records demand.
