Crypto industry group The Digital Chamber rejected accusations from Sen. Elizabeth Warren that crypto firms were "improperly" granted national trust charters and pose risks to the financial system.
In a letter on Tuesday sent to the Comptroller of the Currency, Jonathan Gould, The Digital Chamber [TDC] said that the Democratic Senator got it wrong in her letter last week to the Office of the Comptroller of the Currency.
In that letter, Warren said that several recently granted approvals, including digital asset firms Ripple, Circle, Paxos, Fidelity, BitGo, and Coinbase, violated the National Bank Act — a longstanding law that set a framework for nationally chartered banks — and that they are not following the same standards as traditional banks.
TDC, which represents more than 250 crypto-related entities, rejected that argument.
"The characterization of these approvals as 'apparent violations' of the National Bank Act misreads both the statute and the OCC's longstanding charter authority," said TDC CEO Cody Carbone in the letter.
