In a significant move, US Senator Elizabeth Warren has formally urged the Office of the Comptroller of the Currency (OCC) to postpone its assessment of the national trust bank charter application submitted by World Liberty Financial (WLFI). Warren”s request is contingent upon the divestment of President Trump from the company, highlighting serious conflicts of interest.
In her correspondence directed to OCC Comptroller Jonathan Gould, Warren pointed out the unprecedented nature of the potential conflicts stemming from the involvement of the Trump family in WLFI. The bank charter application was filed last week via WLFI”s subsidiary, WLTC Holdings LLC, aiming to create the World Liberty Trust Company, National Association (WLTC), which would focus on providing stablecoin services.
According to the application, WLTC plans to engage in activities such as the issuance and redemption of USD1 stablecoins, along with custody and conversion services. Warren emphasized that the financial connections between the President”s family and this venture could pose significant regulatory challenges.
She noted that the OCC, as the primary regulator for federally licensed stablecoin issuers under the GENIUS Act of 2025, would have ongoing oversight of a financial entity closely tied to the President”s interests. Warren”s letter asserts that if the application were granted, the OCC would wield authority over rules that could directly affect the profitability of the President”s business, creating a unique and troubling oversight scenario.
Warren”s letter elaborated on the financial stakes involved, suggesting that the Trump family has likely accrued over $1 billion from WLFI alongside other cryptocurrency-related initiatives. “If the application is approved,” she wrote, “you would be promulgating rules that influence the profitability of the President”s company.” This unprecedented situation would place the President in a position of overseeing a financial entity directly connected to his personal financial interests.
The letter also highlighted the presence of Trump”s sons, Barron, Eric, and Donald Trump Jr., listed as co-founders of WLFI, with President Trump holding a title of Co-Founder Emeritus, which designates him in a non-operational capacity.
Warren has previously expressed her concerns regarding potential conflicts and sought clarification from the OCC on measures to mitigate these risks. The OCC had previously dismissed her inquiries as hypothetical. With WLFI”s application now active, Warren”s concerns have intensified, marking them as immediate and concrete.
In her communication, she called upon the OCC to commit to a written agreement to delay the application review until President Trump has fully divested from WLFI and resolved any related financial conflicts. She set a deadline of January 20 for a response.
This intervention resonates with broader anxieties within the banking sector about granting national trust charters to cryptocurrency companies. The Independent Community Bankers of America (ICBA) and the American Bankers Association (ABA) have voiced similar concerns regarding various cryptocurrency firm applications.
Warren”s actions align with her historical scrutiny of Trump-associated cryptocurrency projects. Earlier in 2025, she and Representative Jake Auchincloss called for investigations by regulators, including the SEC and CFTC, into cryptocurrency initiatives linked to the Trump family, such as the TRUMP and MELANIA meme coins.
