US Senator Opposes Crypto Bank Bid by World Liberty Financial

US Senator Elizabeth Warren has called on the Office of the Comptroller of the Currency (OCC) to delay its review of a national trust bank charter application filed by World Liberty Financial (WLFI) until the President divests from the company.

In a letter addressed to OCC Comptroller Jonathan Gould, Warren highlighted unprecedented conflicts of interest. According to her, these stem from the Trump family’s involvement in the venture.

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Warren Presses OCC to Delay WLFI Bank Charter

BeInCrypto reported that WLFI submitted its application last week, through its subsidiary WLTC Holdings LLC. It seeks to establish the World Liberty Trust Company, National Association (WLTC).

The proposed entity would specialize in stablecoin services. This includes the issuance and redemption of USD1, along with custody and conversion operations.

Warren’s letter argues that the President and his family’s ties to the business raise serious concerns. Under the GENIUS Act of 2025, the OCC became the primary regulator for federally licensed stablecoin issuers. 

This authority gives the agency responsibility for approving charters, supervising operations, and enforcing compliance. As a result, if WLFI were approved, the OCC would have direct and ongoing oversight of an entity tied to the President’s personal financial interests. The senator also highlighted that the family has “probably” earned more than $1 billion from WLFI and other cryptocurrency ventures.

Notably, the website lists President Trump’s sons, Barron, Eric, and Donald Trump Jr., as co-founders of WLFI. It also lists the President as Co-Founder Emeritus.

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A Co-Founder Emeritus is a former co-founder of a company who no longer holds an active executive or operational role. They are retained in an honorary, advisory, or symbolic capacity.

Furthermore, the senator emphasized that she had earlier reached out, raising concerns about this happening. At the time, she also sought clarification from the OCC on its plans to prevent President Trump’s “significant financial conflicts of interest” from affecting the banking regulator’s policy.

At the time, the OCC declined to respond, describing the scenario as hypothetical. With WLF’s application now formally submitted, Warren said those concerns have become immediate and concrete.

The senator requested that the OCC commit in writing to delaying its review of the application until President Trump has fully divested from World Liberty Financial and any related family interests. She set a deadline of January 20 for a response from the agency.

This intervention echoes broader apprehensions within the US banking sector about extending national trust charters to cryptocurrency firms. The Independent Community Bankers of America (ICBA) and the American Bankers Association (ABA) have expressed concerns about similar applications. This includes Ripple, Circle, Fidelity, Paxos, First National Digital Currency Bank, and BitGo.

Meanwhile, Warren’s stance on WLFI aligns with her prior scrutiny of Trump-affiliated cryptocurrency projects. In early 2025, she and Representative Jake Auchincloss pressed regulators, including the SEC and CFTC, to investigate the TRUMP and MELANIA meme coins launched by the President and first lady.