US Senator Elizabeth Warren urged the Office of the Comptroller of the Currency (OCC) to pause consideration of World Liberty Financial’s application for a national trust bank charter.
She emphasized that action should wait until President Donald Trump and his family sever their financial ties to the crypto firm.
Warren pointed to what she described as unprecedented financial entanglements. She noted that Congress had overlooked similar conflicts, particularly when passing the GENIUS Act. This law delegated primary stablecoin oversight to the OCC.
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The OCC’s charter under review was submitted earlier in January by World Liberty’s subsidiary, WLTC Holdings. The permit, if approved, would authorize issuance, custody, and conversion of the stablecoin USD1.
The crypto platform lists President Trump and his sons, Barron, Eric, and Donald Trump Jr., as co-founders. Warren warned that allowing the application to progress could enable the regulation of a business closely tied to the president.
Warren stated, “We have never seen financial conflicts or corruption of this magnitude”. She called attention to the extensive ties between the president’s family and the crypto firm.
Warren added that she has “no confidence that you will fairly assess the application pursuant to the legal standard for approval”.
She noted that Jonathan Gould, the OCC Comptroller, serves at the president’s pleasure, which could create a potential for bias.
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