Senator Elizabeth Warren is demanding the OCC explain its chartering of nine crypto-focused trust banks, including Coinbase, Paxos, Ripple, BitGo, and Fidelity Digital Asset Services.

Warren argues the firms are "effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank" by taking narrower trust charters instead of applying for full national bank status.

She also requested records of any communications between the OCC and President Trump or his family members on chartering firms, a clear reference to World Liberty Financial.