US Senator Elizabeth Warren has referred to as on the Workplace of the Comptroller of the Foreign money (OCC) to delay its evaluate of a nationwide belief financial institution constitution utility filed by World Liberty Monetary (WLFI) till the President divests from the corporate.
In a letter addressed to OCC Comptroller Jonathan Gould, Warren highlighted unprecedented conflicts of curiosity. In response to her, these stem from the Trump household’s involvement within the enterprise.
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Warren Presses OCC to Delay WLFI Financial institution Constitution
BeInCrypto reported that WLFI submitted its utility final week, by way of its subsidiary WLTC Holdings LLC. It seeks to ascertain the World Liberty Belief Firm, Nationwide Affiliation (WLTC).
The proposed entity would concentrate on stablecoin providers. This consists of the issuance and redemption of USD1, together with custody and conversion operations.
Warren’s letter argues that the President and his household’s ties to the enterprise elevate critical considerations. Underneath the GENIUS Act of 2025, the OCC turned the first regulator for federally licensed stablecoin issuers.
This authority provides the company accountability for approving charters, supervising operations, and imposing compliance. Consequently, if WLFI have been authorized, the OCC would have direct and ongoing oversight of an entity tied to the President’s private monetary pursuits. The senator additionally highlighted that the household has “most likely” earned greater than $1 billion from WLFI and different cryptocurrency ventures.
“If the applying is authorized, you’ll promulgate guidelines that affect the profitability of the President’s firm. You’d even be chargeable for immediately supervising and imposing the regulation towards the President’s firm—and its opponents. You’d be accountable for these features whereas serving on the pleasure of the President. In impact, for the primary time in historical past, the President of america can be accountable for overseeing his personal monetary firm,” the letter reads.
Notably, the web site lists President Trump’s sons, Barron, Eric, and Donald Trump Jr., as co-founders of WLFI. It additionally lists the President as Co-Founder Emeritus.
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A Co-Founder Emeritus is a former co-founder of an organization who now not holds an energetic govt or operational function. They’re retained in an honorary, advisory, or symbolic capability.
Moreover, the senator emphasised that she had earlier reached out, elevating considerations about this taking place. On the time, she additionally sought clarification from the OCC on its plans to forestall President Trump’s “important monetary conflicts of curiosity” from affecting the banking regulator’s coverage.
On the time, the OCC declined to reply, describing the state of affairs as hypothetical. With WLF’s utility now formally submitted, Warren mentioned these considerations have turn out to be speedy and concrete.
“Your dismissive response, and your willingness to rubber stamp the President’s harmful agenda throughout your tenure as Comptroller, give me no confidence that you’ll pretty assess the applying pursuant to the authorized normal for approval,” Warren mentioned.
The senator requested that the OCC commit in writing to delaying its evaluate of the applying till President Trump has totally divested from World Liberty Monetary and any associated household pursuits. She set a deadline of January 20 for a response from the company.
“Now we have by no means seen monetary conflicts or corruption of this magnitude. The USA Congress failed to handle them when it handed the GENIUS Act into regulation—so it’s incumbent for the Senate to handle these actual and critical conflicts of curiosity because it considers crypto market construction laws. Within the meantime, to mitigate the general public’s legit considerations concerning Presidential corruption, you could delay evaluate of this utility till President Trump divests from WLF and eliminates all monetary conflicts of curiosity involving himself or his household and the corporate,” Warren wrote.
This intervention echoes broader apprehensions throughout the US banking sector about extending nationwide belief charters to cryptocurrency companies. The Unbiased Group Bankers of America (ICBA) and the American Bankers Affiliation (ABA) have expressed considerations about comparable functions. This consists of Ripple, Circle, Constancy, Paxos, First Nationwide Digital Foreign money Financial institution, and BitGo.
In the meantime, Warren’s stance on WLFI aligns together with her prior scrutiny of Trump-affiliated cryptocurrency initiatives. In early 2025, she and Consultant Jake Auchincloss pressed regulators, together with the SEC and CFTC, to research the TRUMP and MELANIA meme cash launched by the President and first woman.