US Regulators Advance Crypto Charters Amid Senate Scrutiny

Coinbase Trust Company Gains Final Approval Amid Congressional Scrutiny

Federal regulators are expanding pathways for cryptocurrency firms to operate within U.S. regulatory frameworks, even as congressional investigators seek access to records concerning these decisions. Lawmakers are keen to understand the rationale behind new trust charters, how crypto companies are managing compliance, and any potential connections to individuals associated with the former Trump administration.

Coinbase announced on November 9 that its national trust company had secured final approval to commence operations. The Office of the Comptroller of the Currency (OCC) had initially granted preliminary conditional approval in April. The company stated that this federal charter provides its custody business with a stable regulatory structure.

The move comes as lawmakers have been questioning the extent to which federal regulators are leveraging existing authority to broaden the scope of cryptocurrency companies. In a letter dated May 18 addressed to the OCC, Senator Elizabeth Warren challenged at least nine cryptocurrency trust charter approvals, including Coinbase’s prior conditional approval. She requested access to the applications, the legal justifications for these approvals, and any communications between OCC officials and the White House or members of the Trump family.

Just four days prior to Coinbase’s announcement, Senator Richard Blumenthal reiterated his demands for records from Binance, Tether, and two ventures linked to the Trump administration. He set a voluntary deadline of January 4, 2027, for these entities to provide the requested documentation, cautioning that his subcommittee might pursue further measures to obtain the information.