Senator Elizabeth Warren has criticized the Office of the Comptroller of the Currency (OCC) for improperly approving national trust charters for at least nine crypto firms. In a letter to Comptroller Jonathan Gould, Warren argued that these approvals allow crypto companies to engage in bank-like activities without adhering to full banking regulations, potentially exposing consumers and the banking system to risks. She highlighted concerns about regulatory arbitrage and the blurring of lines between banking and commerce. Warren's letter specifically named firms linked to Coinbase, Circle, Ripple, and others, suggesting their business plans involve activities such as custody, payments, and stablecoins, which resemble traditional banking functions. She requested the OCC provide full charter applications and legal analyses by June 1, questioning whether these firms are receiving bank-like privileges without full obligations. The debate intensifies as stablecoin legislation pushes more crypto firms toward federal trust structures.