U.S. Senator Elizabeth Warren has called on the country’s banking regulators to temporarily stop considering a bank charter application by World Liberty. This is primarily because the company is connected with President Donald Trump.
Warren Warns of World Liberty Charter Application
Senator Elizabeth Warren has written a stern letter to the Office of the Comptroller of the Currency (OCC). She demanded that a review of a national trust bank charter application from WLFI be stopped immediately. The crypto company was co-founded by President Trump and members of his family.
In her letter to the OCC’s Comptroller Jonathan Gould, Warren stated that the continued review by the OCC may have a negative effect on the integrity of the federal banking oversight process.
She referred to the warnings that she issued over the summer. She had asked how the agency could ensure that the financial interests of the president do not get reflected in the regulatory decisions that it makes. When that happened, Gould said that it was purely speculative at that time.
Warren argues that these fears have come to fruition. She stated signing the World Liberty application means the President will be in a position where he can indirectly control his own financial business through a national regulator, whom he will be able to remove at will.
The controversy comes after WLFI confirmed the filing of a formal application with the federal government to obtain a nationally chartered trust bank license. The company has also formed a new subsidiary, WLTC Holdings LLC, and filed a de novo application with the OCC.
Warren asked in the letter that the OCC temporarily halt its review of the application. She also said this should remain until President Trump had entirely divested himself of his World Liberty interests.
Wider Criticism of Trump’s Crypto Involvement Expands
This comes against the backdrop of a growing public concern with Trump’s growing involvement with digital currencies. Charles Hoskinson recently expressed his lack of confidence in the current political direction being taken by the industry.
These warnings have also appeared in November of the previous year. A report was released by Jamie Raskin in the capacity of the Democratic Party Report Staff. It suggested that Trump took advantage of his investments in crypto like World Liberty in order to accumulate wealth.
President Trump is also named, together with his other sons Barron, Eric, and Donald Trump Jr., as one of the co-founders of this platform. Based on public disclosures, WLFI has garnered billions of dollars in value from the crypto activities.
Source: https://coingape.com/senator-warren-tells-occ-to-stop-world-liberty-bank-review-amid-trump-ties/
