OCC
OCC head says Democrats apply sole political pressure on World Liberty Charter
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The head of the Office of the Comptroller of the Currency told lawmakers Thursday that his agency faces political pressure only from Democrats over a trust charter application tied to President Donald Trump's family crypto firm.
Senator Elizabeth Warren has raised concerns over the approval of national trust bank charters for cryptocurrency companies. In a letter to the Comptroller of the Currency, she argued that nine such approvals violated the National Bank Act.
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Payward, the parent company of crypto exchange Kraken, has applied for a national trust company charter with the U.S. Office of the Comptroller of the Currency. The filing seeks to expand regulated custody services for digital assets. It builds on the firm's existing Wyoming banking subsidiary.
Following reports of JPMorgan exploring crypto trading for institutional clients amid favorable OCC guidance, analysts predict it will legitimize digital assets and funnel liquidity to rivals like Coinbase and Bullish—though competition may squeeze fees.
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The Office of the Comptroller of the Currency has issued guidance permitting national banks to act as intermediaries in low-risk cryptocurrency trades. Interpretive Letter 1188 confirms that such riskless principal transactions fit within the business of banking. This move aligns with recent regulatory efforts to integrate digital assets into traditional finance.