Senator Elizabeth Warren, a Massachusetts Democrat and the Senate’s most vocal institutional critic of digital assets, sent a formal letter to the Office of the Comptroller of the Currency in May 2026 challenging the legality of nine national trust bank charters approved for Ripple and other cryptocurrency-focused companies since December 2024.
They include Ripple, Circle, Paxos, BitGo, Coinbase and Fidelity Digital Assets, which are demanding full charter files, internal legal analyzes and confidential solicitation materials by June 1, 2026.
And this is not just a senator performing routine oversight of a federal regulatory agency. It is the most direct attempt yet to exert congressional pressure against the charter authority of an independent agency.
The goal is to prevent cryptocurrency companies from obtaining federal banking infrastructure that would permanently integrate them into the U.S. financial system, and the industry’s invocation of “Operation Choke Point 3.0” is a deliberate, historically specific accusation rather than rhetorical hyperbole.
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– Don 🐂 (@DonWedge) May 28, 2026
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Operation Choke Point: Regulatory Pattern, the 2023 Precedent, and Why Warren’s Letter Defines Both
Operation Choke Point, initiated by the Justice Department under the Obama administration in 2013, put pressure on banks to cut ties with certain legal industries classified as “high-risk,” such as payday lenders and firearms dealers, without taking legislative action. It was terminated in 2017 amid criticism that it constituted regulation by removing risks.
In early 2023, the cryptocurrency sector referred to a new wave of regulatory pressure as “Operation Choke Point 2.0,” following the closure of Silvergate Bank and Signature Bank, which primarily served the digital asset industry.
The interagency guidance has effectively limited cryptocurrency companies’ access to banking services, and this has been exacerbated by informal pressure from regulators such as the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
Warren’s May 2026 letter highlights a new phase, targeting the OCC’s authority to grant banking charters to cryptocurrency companies. It argues that these chartered entities are intended to bypass traditional banking guarantees and claims that the OCC granted these charters illegally under the National Bank Act.
The OCC has defended its authority in court and previously won cases involving special purpose charters, focusing on the distinction between deposit-taking and being regulated as non-deposit-taking trust banks.
Implementing the Ripple OCC: What the trust structure provides and why it is considered a threat
MADNESS: 🇺🇸 The Digital Chamber just went to war with Elizabeth Warren to defend Ripple’s $30,000,000,000,000 Fed charter. pic.twitter.com/Doaz8O3s3K
– STEPH is encryption (@Steph_iscrypto) May 28, 2026
Ripple has received conditional approval for its National Trust Bank charter from the OCC, distinguishing it from a commercial banking license. This charter provides federal protection for a state money transmitter license, reducing operating costs by eliminating the need to comply with multiple state requirements. It also maintains a direct supervisory relationship with the OCC, ensuring uniform national standards.
However, the charter does not grant access to the Federal Reserve’s payment systems, which requires a Fed master account. Currently, the Fed has paused decisions on Tier 3 key accounts, which include crypto trust banks, which could delay Ripple’s access to these payment paths until late 2026. This situation creates two institutional challenges for Ripple.
Ripple’s strategic pursuit of this charter appears to be aimed at reclassifying XRP and its products as federally supervised instruments. This would complicate future efforts by the SEC or Congress to classify XRP as an unregistered security. The SEC’s admissions regarding previous enforcement actions have already changed the legal landscape, and the OCC’s Trust Charter could strengthen Ripple’s regulatory standing.
Ripple CEO Brad Garlinghouse framed the app as a challenge to traditional banks, questioning their concerns about competition from a regulated cryptocurrency entity, and arguing that such a move would eliminate the “unregulated crypto” characterization that justifies exclusionary practices.
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Industry reaction: Digital Chamber mobilization and the structural argument against Warren’s position
🚨The Digital Chamber declares war on Warren and defends Ripple’s OCC bank charter 👀🇺🇸🔥
The largest blockchain trading group @digital room Elizabeth Warren was just fired over crypto bank charters. 😳
The Digital Chamber officially sent a letter to @USOCC Defending cryptocurrencies… https://t.co/AXKA81XJNM pic.twitter.com/rE07g2RpeJ
– Diana (@InvestWithD) May 27, 2026
The Digital Chamber, a cryptocurrency advocacy group with more than 250 members, submitted a letter to OCC Comptroller Jonathan Gould in defense of the agency’s charter authority following Elizabeth Warren’s comments.
CEO Cody Carbone argued that Warren’s interpretation of the banking law misreads the OCC’s well-established authority to issue trust bank charters. He emphasized that the GENIUS Act of 2025 created a federal framework for stablecoin issuers, which includes companies seeking OCC charters.
Carbone pointed out that rejecting these conventions would undermine the coherence of the legislation. The opposition of traditional financial institutions against cryptocurrency legislation suggests that Warren’s position is in line with entrenched banking interests.
Industry mobilization aims to create a documented record to complicate any future OCC decisions to revoke approvals under political pressure, increasing reputational and litigation risks for the regulator.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
Daniel Francis is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel brings his background in cross-chain analytics to author evidence-based reports and detailed guides. It is certified by the Blockchain Council and is dedicated to providing “information gain” that cuts through the market noise to find blockchain’s real-world utility.
