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Warren to Target Bank Crypto Offerings in US Regulator Query

  • Letter to call for OCC to pull Trump-era legal interpretations
  • Says crypto market turmoil has heightened concerns about risks
Senator Elizabeth Warren
Senator Elizabeth WarrenPhotographer: Ting Shen/Bloomberg
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Massachusetts Democrat Elizabeth Warren is circulating a letter among her Senate colleagues that would ask a key US bank regulator to withdraw legal guidance that has underpinned Wall Street’s foray into crypto.

Warren wants the Office of the Comptroller of the Currency to pull a series of Trump-era interpretations that paved the way for banks to offer services like crypto custody for clients. The letter, a draft copy of which was reviewed by Bloomberg News, calls on the OCC to work with the Federal Reserve and the Federal Deposit Insurance Corp. to replace them with an approach “that adequately protects consumers and the safety and soundness of the banking system.”