US regulators move ahead on crypto trust charters as Senate scrutiny grows
Coinbase's national trust company received final approval to operate as federal regulators expand crypto companies' reach under US rules.
On Nov. 9, Coinbase announced its national trust company had received final approval to open, following preliminary conditional approval from the Office of the Comptroller of the Currency in April. The company stated the charter provides its custody business with a consistent federal framework.
Regulatory Expansion
Federal regulators are creating more pathways for crypto companies to operate under US regulations, while congressional investigators seek records on those decisions. Lawmakers want to understand how regulators justified new trust charters, how crypto firms handled compliance, and any connections to Trump administration figures.
She asked for the applications, the legal analyses behind the approvals and any related communications between OCC officials and the White House or Trump family.
Senate Demands
Sen. Elizabeth Warren had previously challenged at least nine crypto trust-charter approvals in a May 18 letter to the OCC. Four days before Coinbase's announcement, Sen. Richard Blumenthal renewed demands for records from Binance, Tether and two Trump-linked ventures, giving them until Jan. 4, 2027 to comply voluntarily.
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