US Senator Elizabeth Warren is calling on federal banking regulators to pause consideration of World Liberty Financial’s bank charter application, arguing that the process should not move forward while President Donald Trump maintains financial ties to the crypto platform.
In a formal letter sent Tuesday Warren asked the Office of the Comptroller of the Currency (OCC) to delay reviewing World Liberty’s bid for a national trust bank charter. She said the review should wait until Trump has fully eliminated financial conflicts of interest involving himself, his family, and the company. Warren described the situation as unprecedented in scale and seriousness, warning that it raises major ethical concerns.
A World Liberty subsidiary, WLTC Holdings, recently applied for a charter that would allow it to issue, custody, and convert its USD1 stablecoin. The platform lists Trump and his sons as co-founders and has reportedly generated billions of dollars in paper wealth for the family, intensifying scrutiny of the application.
Warren also questioned the impartiality of the OCC under its current leadership stating she has “no confidence” the application would be reviewed fairly. She argued that the regulator would be tasked with overseeing and enforcing rules against a company linked to the sitting president, creating what she called a historic conflict of interest.
The issue is unfolding as Congress debates broader crypto market structure legislation, with disagreements persisting over whether ethics and conflict-of-interest safeguards should be included before any bill advances.
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