US regulators move ahead on crypto trust charters as Senate scrutiny grows
Coinbase’s trust company received final clearance as lawmakers seek records on crypto firms’ compliance and potential conflicts of interest.
The U.S. regulatory landscape for cryptocurrency firms is evolving as lawmakers scrutinize compliance and potential conflicts of interest. Coinbase's trust company secured final approval from the Office of the Comptroller of the Currency (OCC), following a preliminary conditional approval in April. This new charter provides Coinbase's custody business with a consistent federal framework.
However, Senate investigations are demanding transparency into the regulatory decision-making process and the potential ties between these firms and the Trump administration.
Sen. Elizabeth Warren issued a May 18 letter to the OCC, challenging nine crypto trust-charter approvals, including the one granted to Coinbase. She requested the applications, legal analyses, and any communications between OCC officials and the White House or Trump family. Four days prior to Coinbase's announcement, Sen. Richard Blumenthal extended his demands for records from Binance, Tether, and two Trump-linked ventures, giving them until January 4, 2027, to voluntarily provide the requested documents.
Failure to comply could result in more aggressive measures by his subcommittee. To access the full report, readers are encouraged to sign up for the Daybreak Newsletter.
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