US Senator Elizabeth Warren has urged the nation’s banking regulator to pause consideration of a bank charter application linked to World Liberty Financial until President Donald Trump fully divests from the crypto platform.
In a letter sent Tuesday, Warren asked Comptroller of the Currency Jonathan Gould to delay reviewing the application until Trump “eliminates all financial conflicts of interest involving himself or his family and the company.”
Warren argued the situation represents an unprecedented level of potential corruption tied directly to federal oversight of financial markets.
“We have never seen financial conflicts or corruption of this magnitude,” Warren said.
She added that Congress failed to address these concerns when it passed the GENIUS Act, placing responsibility on the Senate as it now debates crypto market structure legislation.
World Liberty subsidiary WLTC Holdings recently filed for a national trust bank charter that would allow it to issue, custody, and convert its USD1 stablecoin.
President Trump and his sons Barron, Eric, and Donald Trump Jr. are listed as co-founders of World Liberty, which has generated billions of dollars in paper wealth for the family.
Warren Says She Has “No Confidence” In OCC Leadership
The GENIUS Act, signed into law last year, established the Office of the Comptroller of the Currency as the primary regulator for stablecoin issuers.
That structure gives the OCC authority to approve applications and supervise companies like World Liberty.
Warren told Gould she had “no confidence” that he would fairly assess the application due to his previous dismissal of questions about presidential influence over the OCC.
She warned that Gould would oversee rules directly impacting World Liberty’s profitability while also being responsible for enforcing laws against the firm and its competitors.
“You would be in charge of these functions while serving at the pleasure of the President,” Warren said.
She argued this would effectively place the President in a position to oversee his own financial company for the first time in US history.
Warren, the ranking Democrat on the Senate Banking Committee, made the comments ahead of a scheduled debate on a crypto market structure bill.
The Senate Agriculture Committee delayed its own consideration of the legislation to allow for more bipartisan support.
Some lawmakers have pushed to include explicit conflict-of-interest guardrails in the bill.
A draft released this week did not include the ethics provisions sought by Democrats, though negotiations and amendments remain ongoing.