Coinbase's national trust company received final approval to open, while US senators demand records on how regulators approved crypto trust charters. Lawmakers also want details on compliance and on dealings with people tied to President Donald Trump's administration.
Coinbase announced on Nov. 9 that its national trust company had received final approval to open. The Office of the Comptroller of the Currency granted preliminary conditional approval in April. Coinbase said the charter gives its custody business a consistent federal framework.
But congressional investigators are asking to see the records behind such decisions. Lawmakers want to know how regulators justified new trust charters, how crypto companies handled compliance and what dealings they had with people tied to the administration.
In a May 18 letter to the OCC, Sen. Elizabeth Warren challenged at least nine crypto trust-charter approvals, including Coinbase's earlier conditional approval. She asked for the applications, the legal analyses behind the approvals and any related communications between OCC officials and the White House or Trump family.
Four days before Coinbase's announcement, Sen. Richard Blumenthal renewed demands for records from Binance, Tether and two Trump-linked ventures. He gave them until Jan. 4, 2027, to turn over the records voluntarily and warned that his subcommittee could take other steps to obtain them.
Source: Cointelegraph
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