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Warren urges regulators to block Trump-linked crypto bank, citing undisclosed foreign ownership and conflict concerns.
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Lawmakers demand full disclosure of 10%+ WLF stakeholders as OCC reviews national trust bank charter.
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Crypto oversight tensions rise as Warren warns regulators against approving Trump’s bank application.
Sen. Elizabeth Warren escalated scrutiny over President Donald Trump’s crypto venture on Thursday. She urged federal regulators in Washington to block World Liberty Financial’s bank charter. Warren argued that the Trump family-led firm threatens regulatory integrity and public trust.
During a Senate Banking Committee hearing, she pressed Comptroller of the Currency Jonathan Gould for transparency. Moreover, she warned that approval could entangle regulators in what she called historic corruption.
Warren framed the dispute around World Liberty Financial’s application for a national trust bank charter. The company filed the request with the Office of the Comptroller of the Currency in January.
That charter would allow digital asset custody and stablecoin conversion services. However, it would not permit traditional deposit-taking activities. Consequently, the debate centers on disclosure standards and potential conflicts of interest.
Charter Fight Intensifies
Warren did not hold back. She declared, “President Trump’s crypto company is the most disgraceful presidential corruption scandal in HISTORY.” Additionally, she insisted that regulators disclose ownership details before any approval. “Anyone who owns 10% or more of World Liberty Financial must be disclosed or the bank application will be rejected.”
She reminded Gould that OCC rules require applicants to report shareholders with at least a 10% stake. Besides, those shareholders must file detailed biographical and financial reports.
Warren pointed to a reported 49% stake acquired by a United Arab Emirates entity before Trump’s inauguration. She asked whether the application disclosed that foreign ownership. Gould declined to discuss specifics but pledged to follow established procedures.
Disclosure and Oversight Pressure
Warren pushed further. She requested the unredacted charter application for review by her and Committee Chair Sen. Tim Scott. Gould responded cautiously. “The only thing to which I will commit is following our established procedures,” he said. Moreover, he referenced the OCC’s 131-page licensing manual.
Warren countered sharply. “I don’t know that anyone’s ever had to ask that before because I don’t think any president has ever had a pending bank application before,” she said. Consequently, the clash underscores mounting political tension over crypto regulation.
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