Sen. Warren says OCC fails to control crypto firms operating as banks

U.S. Senator Elizabeth Warren, a noted cryptocurrency opponent, has accused the U.S. Office of the Comptroller of the Currency (OCC) of failing to control crypto companies that she says are operating as de facto banks. Her criticism targets the trend of stablecoin issuers seeking trust licenses to manage collateral assets, a practice that has grown since the start of the second Trump administration. According to Bloomberg, Warren stated in a letter to the OCC that the agency has chartered at least nine crypto firms in a manner that may violate banking laws. She highlighted that affiliates of Ripple, Paxos, and Coinbase have already received such approvals, allowing them to operate much like traditional banks while evading regulatory oversight.