US Senator Elizabeth Warren is calling on the nation’s banking regulator to delay the evaluation of World Liberty Financial’s bank charter application until President Donald Trump divests his interests in the cryptocurrency platform.
In a letter sent on Tuesday to Comptroller of the Currency, Jonathan Gould, Warren emphasized the need to postpone the review of the application until Trump resolves all financial conflicts of interest tied to himself and his family.

“We have never seen financial conflicts or corruption of this magnitude,” Warren declared. “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.”
(Translation: “We have never seen financial conflicts or corruption of this magnitude”)

World Liberty’s subsidiary, WLTC Holdings, applied for a bank charter earlier this month, aiming to issue, manage, and convert its stablecoin, USD1.

Elizabeth Warren speaking at a nomination hearing for Jonathan Gould in March. Source: Senate Banking Committee

The financial platform lists President Trump along with his sons Barron, Eric, and Donald Trump Jr. as its co-founders, having reportedly generated billions in wealth for the family.

Lack of Trust in Gould

The GENIUS Act, signed by Trump the previous year, established the OCC as the principal regulator for stablecoin issuers. This office is tasked with overseeing applications and supervising such companies. Warren expressed doubts about Gould’s ability to handle this application impartially due to his prior non-responses to inquiries about Trump’s potential influence on the OCC.

Warren pointed out that Gould would oversee rules that impact World Liberty’s profits while also being responsible for enforcing regulations against it and competing companies.

“You would be in charge of these functions while serving at the pleasure of the President,” Warren remarked. “For the first time in history, the President of the United States would be overseeing his own financial entity.”
(Translation: “You would be in charge of these functions while serving at the pleasure of the President”)

Related Article: Bitwise CIO criticizes Bitcoin 401(k) limitations as Warren pressures SEC.

As the senior Democrat on the Senate Banking Committee, Warren is poised to engage in upcoming discussions regarding a crypto market structure bill on Thursday.

The debate was initially slated to occur concurrently with the Senate Agriculture Committee, but the GOP members of the committee postponed it to foster bipartisan support, as some legislators have sought to integrate conflict-of-interest measures into the bill.

A recent draft from the Banking Committee revealed an absence of ethics provisions, as requested by Democratic members, yet further discussions and amendments are anticipated before it progresses.