U.S. regulators advance cryptocurrency trust licenses, Senate investigation intensifies

U.S. federal regulators are opening more channels for cryptocurrency companies to operate under U.S. rules, while congressional investigators are requesting to review the records behind relevant approval decisions. Lawmakers want to understand how regulators justify the issuance of new trust licenses, how cryptocurrency companies handle compliance issues, and what interactions exist between them and personnel associated with the Trump administration.

On November 9, Coinbase announced that its national trust company received final approval to open. The Office of the Comptroller of the Currency had granted preliminary conditional approval in April. Coinbase stated that this license provides a unified federal regulatory framework for its custody business. Lawmakers have previously questioned how federal regulators are using existing powers to expand the business scope of cryptocurrency companies. Senator Elizabeth Warren, in a letter to the Office of the Comptroller of the Currency on May 18, questioned the approval of at least nine cryptocurrency trust licenses, including Coinbase's prior conditional approval, and requested the application documents, the legal analysis behind the approvals, and relevant communications between regulatory officials and the White House or the Trump family.

Four days before Coinbase announced the above news, Senator Richard Blumenthal again requested Binance, Tether, and two companies associated with Trump to submit records, setting a voluntary submission deadline of January 4, 2027, while warning that his subcommittee may take other measures to obtain these records.