Crypto Industry Defends OCC Charters for Ripple, Coinbase Amid Warren’s Legal Challenge

OCC charters under fire: industry response

The Digital Chamber of Digital Assets, representing leading crypto firms, rejected Sen. Elizabeth Warren’s allegation that the OCC charters awarded to Ripple, Coinbase and others were unlawful. In a statement posted Tuesday, the chamber argued the Office of the Comptroller of the Currency followed statutory procedure, granting ↑ 5 national trust charters since 2022.

“These charters enable regulated custodial services and bolster market integrity,” said the chamber’s spokesperson, citing data from the OCC.

“Congress must not intervene in the nuanced regulatory framework that the OCC has established,” the spokesperson added.

Sen. Warren, a longtime advocate for tighter fintech oversight, cited the Reuters report that the charters could create competitive disparities. Bloomberg noted that the OCC’s charter program has attracted ↑ 12% more crypto‑related deposits year‑over‑year, a metric the Senate committee plans to scrutinize.

Reported by: Lyra Valance

Digital Assets & Web3 Insider