U.S. Senator Elizabeth Warren is demanding that the Office of the Comptroller of the Currency delay its review of a national trust bank charter application filed by World Liberty Financial until President Donald Trump fully divests from the cryptocurrency venture, citing what she called unprecedented conflicts of interest stemming from the Trump family's direct involvement in the company.
What Happened: Warren Targets Trump-Tied Crypto Bank Bid
The Massachusetts Democrat sent a letter to OCC Comptroller Jonathan Gould last week. She raised concerns about the application submitted by WLFI through its subsidiary WLTC Holdings LLC.
The proposed World Liberty Trust Company would specialize in stablecoin services, including issuance and redemption of USD1.
Warren noted that the Trump family has "probably" earned more than $1 billion from WLFI and other cryptocurrency ventures.
The company's website lists President Trump as Co-Founder Emeritus, with sons Barron, Eric, and Donald Trump Jr. serving as co-founders.
Under the GENIUS Act of 2025, the OCC became the primary regulator for federally licensed stablecoin issuers. Warren argued this creates an untenable situation.
"If the application is approved, you would promulgate rules that influence the profitability of the President's company," Warren wrote. "In effect, for the first time in history, the President of the United States would be in charge of overseeing his own financial company."
She set a Jan. 20 deadline for a written response.
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Why It Matters: Regulatory Oversight at Stake
The intervention reflects broader concerns within the U.S. banking sector about extending national trust charters to cryptocurrency firms. The Independent Community Bankers of America and the American Bankers Association have raised similar objections to applications from Ripple, Circle, Fidelity, Paxos, and BitGo.
Warren previously pressed regulators to investigate the TRUMP and MELANIA meme coins launched by the President and First Lady.
Her latest letter accused Gould of dismissing earlier warnings as hypothetical.
"Your dismissive response, and your willingness to rubber stamp the President's dangerous agenda during your tenure as Comptroller, give me no confidence that you will fairly assess the application pursuant to the legal standard for approval," she wrote.
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