Coinbase trust charter clears OCC as senators seek records

Coinbase announced on Nov. 9 that the Office of the Comptroller of the Currency had granted final approval for its national trust company to open. The OCC had issued preliminary conditional approval in April.

Coinbase described the national trust charter as a consistent federal framework for its custody business.

Lawmakers have questioned how federal regulators used their existing authority to expand crypto companies’ activities. In a May 18 letter to the OCC, Sen. Elizabeth Warren challenged at least nine crypto trust-charter approvals, including Coinbase’s conditional authorization.

Warren requested the applications, legal analyses and other records supporting the approvals. She also sought communications involving OCC officials, the White House and members of the Trump family.

On Nov. 5, Sen. Richard Blumenthal renewed requests for records from Binance, Tether and two ventures linked to President Donald Trump. His requests covered the companies’ compliance practices and dealings with people connected to the administration.

Blumenthal gave the companies until Jan. 4, 2027, to provide the records voluntarily. He warned that his subcommittee could take additional action to obtain them if they did not comply.

Reviewed and fact-checked by Alex Panasenko on November 14.