US Senator Elizabeth Warren has known as on the Workplace of the Comptroller of the Foreign money (OCC) to delay its overview 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 accordance with 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, via its subsidiary WLTC Holdings LLC. It seeks to determine the World Liberty Belief Firm, Nationwide Affiliation (WLTC).
The proposed entity would concentrate on stablecoin providers. This contains 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 severe issues. Below the GENIUS Act of 2025, the OCC turned the first regulator for federally licensed stablecoin issuers.
This authority provides the company duty for approving charters, supervising operations, and imposing compliance. Consequently, if WLFI had been authorised, 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 “probably” earned greater than $1 billion from WLFI and different cryptocurrency ventures.
“If the application is approved, you would promulgate rules that influence the profitability of the President’s company. You would also be responsible for directly supervising and enforcing the law against the President’s company—and its competitors. You would be in charge of these functions while serving at the pleasure of the President. In effect, for the first time in history, the President of the United States would be in charge of overseeing his own financial company,” 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 government or operational function. They’re retained in an honorary, advisory, or symbolic capability.
Moreover, the senator emphasised that she had earlier reached out, elevating issues about this occurring. On the time, she additionally sought clarification from the OCC on its plans to forestall President Trump’s “significant financial conflicts of interest” 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 stated these issues have turn into quick and concrete.
“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,” Warren stated.
The senator requested that the OCC commit in writing to delaying its overview 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.
“We have never seen financial conflicts or corruption of this magnitude. The United States Congress failed to address them when it passed the GENIUS Act into law—so it is incumbent for the Senate to address these real and serious conflicts of interest as it considers crypto market structure legislation. In the meantime, to mitigate the public’s legitimate concerns regarding Presidential corruption, you must delay review of this application until President Trump divests from WLF and eliminates all financial conflicts of interest involving himself or his family and the company,” Warren wrote.
This intervention echoes broader apprehensions throughout the US banking sector about extending nationwide belief charters to cryptocurrency corporations. The Impartial Group Bankers of America (ICBA) and the American Bankers Affiliation (ABA) have expressed issues about related functions. This contains 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 tasks. 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.
