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US Senator Elizabeth Warren has asked the Office of the Comptroller of the Currency (OCC) to postpone the review of an application for a national trust bank card submitted by World Liberty Financial Inc. (WLFI) until the president divests from the company.
In a letter to FBI Superintendent Jonathan Gould, Warren highlighted an unprecedented conflict of interest. According to her, these problems stem from the involvement of the Trump family in the project.
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Warren pressures OCC to delay WLFI bank card
BeInCrypto reported that WLFI It filed its claim last week through its subsidiary, WLTC Holdings LLC. Seeking to establish World Liberty Trust Company, National Association (WLTC).
The proposed entity will be specialized In stablecoin services. This includes the issuance and redemption of US$1, as well as holding and transfers.
Warren’s letter argues that the president and his family’s ties to the company raise serious concerns. Under the GENIUS Act of 2025, The OCC has become the primary regulator For federally licensed stablecoin issuers.
This authority gives the agency responsibility for approving the charter, overseeing operations and enforcing compliance. Thus, if the WLFI is approved, the OCC will have direct and ongoing oversight of an entity linked to the president’s personal financial interests. The senator also noted that the family “may have” made more than $1 billion from WLFI and other cryptocurrency projects (WLFI).
“If the request is approved, rules will be issued that affect the profitability of the president’s company. You will also be responsible for the direct supervision and enforcement of the law against the president’s company and its competitors. You will be responsible for these functions while serving at the pleasure of the president. Thus, for the first time in history, the president of the United States will be responsible for his own financial company,” he said. message .
It’s worth noting that the website names President Trump’s sons, Barron, Eric, and Donald Trump Jr., as co-founders of WLFI. The president is also mentioned as an honorary co-founder.
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An honorary co-founder is a former co-founder of a company who no longer has an active or operational executive role. It is held in an honorary, advisory or symbolic capacity.
In addition, the senator confirmed that she had previously raised concerns about this success. At the time, he also sought clarification from the Office of Banking Supervision on its plans to prevent President Trump’s “significant financial conflicts of interest” from influencing the banking regulator’s policy.
At the time, the OCC declined to respond, calling the scenario hypothetical. With the WLF application now officially submitted, Warren said those concerns have become immediate and tangible.
“Your dismissive response, and your willingness to assert the president’s dangerous agenda during your tenure as comptroller, gives me no confidence that you will adequately assess the request according to the legal standard for approval,” Warren said.
The Senator asked the conference office to commit in writing to postponing its review of the request until President Trump fully divests World Liberty Financial and any related family interests. He set a deadline of January 20 for a response from the agency.
“We have never seen financial conflicts or corruption on this scale. The United States Congress failed to address it when it passed the GENIUS act into law – therefore, it is the duty of the Senate to address these real and serious conflicts of interest as it considers the legislation of the structure of the cryptocurrency market. At the same time, to alleviate the public’s legitimate concerns about presidential corruption, you must postpone all President Trump’s financial conflicts until President Trump eliminates all conflicts of financial interest involving himself, his family and the company.”
This intervention reflects wider concerns inside The US banking sector to grant National Fund charters to cryptocurrency companies. The Independent Community Bankers of America (ICBA) and the American Bankers Association (ABA) expressed Regarding their concerns Similar requests. That includes rebelCircle, Fidelity, Paxos, First National Crypto Bank, and BitGo.
Meanwhile, Warren’s position on WLFI is consistent with his previous disclosure of Trump-linked cryptocurrency projects. In early 2025, She and Rep. Jake Auchincloss lobbied Regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC), will investigate. Trump and Melania Meme Coins launched The president and the first lady.
