Senator Elizabeth Warren (D-Mass.) on Tuesday questioned the Office of the Comptroller of the Currency letting nine crypto firms operate as banks without proper safeguards.

Warren Questions OCC Approval Of Nine Crypto Trust Charters

“These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,” Warren wrote. 

She argued the OCC’s decision to facilitate this regulatory arbitrage conflicts with federal law and poses serious risks to consumers and the banking system.

The OCC has granted trust charters to crypto firms as the agency embraced President Donald Trump‘s agenda to elevate the crypto sector and…

Read more on Benzinga