Chairman of Senate Banking Committee Concerned about OCC Granting National Trust Charters

May 20, 2021

Senate Banking Committee

The executive of the Senate Banking Committee, Sen. Sherrod Brown (D-Ohio), disclosed to Acting Comptroller Michael Hsu that he is worried about the Office of the Comptroller of the Currency (OCC) conceding public trust charters to monetary and non-monetary organizations.


A portion of the organizations looking for OCC contracts can’t meet the OCC’s administrative prerequisites, Brown said in the open letter, first announced by Politico. The administrator explicitly highlighted the three cryptocurrency organizations that have gotten restrictive OCC trust charters in the previous five months, Protego, Paxos, and Anchorage, and asked that Hsu reconsider the contingent trust charters. These organizations market their governmentally contracted status, Brown said. 


All in all, these organizations recommend that the OCC’s endorsement of their contracts ensures their plan of action is as protected, steady, and trustworthy for clients as a neighborhood local area bank, Brown’s letter said. The Senator likewise said it was muddled whether the OCC had led the proper due constancy prior to giving the three contingent charters, pointing explicitly to previous Acting Comptroller Brian Brooks’ residency.


I encourage you to survey the methods and rules followed inside the OCC with respect to the assessment and endorsement of the Paxos, Anchorage, and Protego sanctions to guarantee that the OCC’s oversight and authorizing principles stay both thorough and fair among charter candidates, Brown said. 


Brown’s letter goes ahead a day of outrageous unpredictability in the cryptocurrency market, with bitcoin (BTC) falling near $12,000 prior to bouncing back almost $8,000. A large part of the market stays in the red in the course of recent hours. Hsu, who took office scarcely fourteen days prior, has effectively demonstrated that the OCC is investigating how it approaches advanced resources in declaration before the House Financial Services Committee recently.





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