TechFlow News, May 19: According to Bloomberg, Senator Elizabeth Warren has raised concerns about financial regulators’ decision to allow cryptocurrency firms access to the banking system. In a letter to Jonathan Gould, head of the Office of the Comptroller of the Currency (OCC), the Massachusetts Democratic senator pointed out that the agency has approved at least nine national trust charters for crypto firms that “appear unqualified.” Warren stated that these charters “appear to far exceed the narrow scope of activities permitted by law” and constitute “a clear violation of the National Bank Act.” She questioned whether the OCC adhered to relevant legal requirements during its approval process and requested an explanation regarding the compliance of these crypto firms in obtaining bank charters.
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