Crypto critic Senator Elizabeth Warren has urged the OCC to pause the review of WLF’s bank charter application

Crypto critic Senator Elizabeth c has urged the OCC to pause the review of Trump-backed WLF’s bank charter application, citing a severe conflict of interest. The Office of the Comptroller of the Currency (OCC) has until January 20 to respond to Warren’s concerns in a written commitment to uphold the law.

In a January 13 letter to the Comptroller of the Currency, Jonathan Gould, Senator Warren, a Ranking Member in the Senate Committee on Banking, raised concerns about World Liberty Financial (WLF)’s submitted application to the OCC to operate a national trust bank, specifically designed for stablecoin services. She reminded Gould that WLF is a financial company co-founded by President Donald Trump and his two sons, which poses a significant conflict of interest.

Sen. Warren also reminded the Comptroller of her July 2025 letter regarding this exact possibility, requesting information on the OCC’s plans to ensure the President’s interests do not influence OCC policy. She emphasized her lack of confidence in Gould’s ability to fairly review the application pursuant to the legal standard for approval based on the Comptroller’s previous dismissive response. 

Gould dismisses Warren’s concerns as hypothetical

In his August 20, 2025, response to Sen Elizabeth Warren, the Comptroller dismissed Warren’s concerns about Trump’s influence on the OCC’s independence and decisions related to WLF or USD1 as hypothetical. Meanwhile, Gould stated that the OCC complies with Executive Order 14215, including requirements to consult with and coordinate policies and priorities with the White House National Economic Council, the directors of the Office of Management and Budget, and the White House Domestic Policy Council. 

However, Sen. Warren emphasized that the scenario is no longer hypothetical and called for the Senate to address these serious conflicts of interest issues as it considers legislation on the crypto market structure. In the meantime, she requested the Comptroller to delay the review of WLF’s application until the president divests from the financial company and removes all financial conflicts of interest involving himself or his family and the company.  

The Massachusetts Senator also pointed out that the OCC is now the primary regulator of federally licensed stablecoin issuers, responsible for approving applications, promulgating rules, supervising stablecoin issuers, and initiating enforcement actions for law violations. However, she is concerned that Gould, who openly supports Executive Order 14215 and the GENIUS Act, is set to review a bank charter application submitted by a company directly tied to the President and his family. 

Sen. Warren warns U.S. banking system’s integrity is at stake

The Ranking Member warned that the integrity of the federal banking system is at stake, pointing out that the OCC could become the president’s pocketbook. According to Sen. Warren, the president of the United States could be in charge of his own financial company for the first time in history.

Warren is concerned that if the Comptroller approves WLF’s application, the OCC will be promulgating rules that influence the profitability of the president’s company. The OCC will also be responsible for directly supervising and enforcing the law against the president’s company and its competitors, while serving at the president’s pleasure.

Warren told Gould that it is his duty and responsibility to ensure businesses and households have fair access to financial services and that the U.S. banking system remains stable. She emphasized that U.S. banking regulators should not be working to enrich their boss.  

According to Warren, the GENIUS Act failed to prevent the President, his family, or his affiliates from financially benefiting from stablecoin activities. She noted that this glaring omission left open the possibility of the exact current situation.

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