Coinbase, Kraken, Ripple, and Circle are becoming real banks – and today, one of America’s most powerful senators called that illegal.
Since December 2025, the OCC has approved banking licenses for nine crypto companies, including Coinbase, Circle, Ripple, Paxos, BitGo, Fidelity, and Kraken. Kraken even became the first crypto firm ever to receive a direct Federal Reserve master account – no traditional bank needed as middleman.
Today, Senator Elizabeth Warren publicly called the approvals illegal, arguing these companies want the benefits of being a bank without the full responsibilities.
The traditional banking lobby is on her side. The OCC and the Trump administration are not.
Two visions of the financial system. One winner. We’ll find out who.
Is it good or bad for regular people if crypto companies become banks? Drop your answer below 👇
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