A clash over presidential business ties and crypto regulation moved back into public view on Capitol Hill this week, as the nation’s top banking regulator declined to halt review of a bank charter application linked to President Donald Trump’s crypto venture.
During a Senate Banking Committee hearing on prudential regulators, Ranking Member Elizabeth Warren, D-Mass., urged Comptroller of the Currency Jonathan Gould to either reject or pause the Office of the Comptroller of the Currency’s consideration of World Liberty Financial’s proposed national trust bank.
The application, submitted by WLTC Holdings LLC last month, seeks approval to establish World Liberty Trust Company, National Association, a federally regulated entity designed to support the firm’s USD1 stablecoin operations.
Gould made clear that the agency would not treat the filing differently.
The OCC, he said, would process the submission “as we process all applications.”
When Warren pressed him on whether he would delay or deny the charter, he declined.
“The only political pressure I have felt from any part of the US government, Senator, is from you,” Gould said.
Warren’s confrontation follows a Jan. 13 letter she sent to the OCC calling for an immediate halt to the review, arguing that approving the charter, while Trump maintains financial ties to World Liberty Financial, would place the regulator in an unprecedented position, effectively overseeing and shaping the profitability of a company connected to the sitting president.
Warren slams WLFI’s UAE link
At the hearing, Warren reiterated her criticism, accusing the president of leveraging public office to enrich himself.
“President Trump’s crypto company is now at the center of perhaps the most disgraceful Presidential corruption scandal in US history,” she said. “An American president who sells out our national security to make money for himself.”
Central to her concerns is a reported foreign investment in the company.
Citing a Wall Street Journal report, Warren pointed to Aryam Investment 1, a vehicle linked to Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser, which allegedly acquired a 49% stake in World Liberty Financial for $500 million just days before Trump’s inauguration.
According to WSJ, roughly $187 million from the transaction flowed to Trump family entities, with at least $31 million directed to entities tied to CEO Zach Witkoff.
In the months that followed, the administration reversed Biden-era restrictions and approved the UAE’s access to advanced AI chips that had previously been blocked over concerns they could reach China.
Warren also questioned whether World Liberty properly disclosed the foreign stake in its charter application.
OCC rules require disclosure of any entity holding a direct or indirect interest of 10% or more, and failure to do so can serve as grounds for dismissal.
Gould, however, declined to confirm whether such disclosure was made.
WLFI wants to offer regulated products
World Liberty said last month that it intends to serve cryptocurrency exchanges, market makers, and investment firms by providing digital asset custody and enabling seamless conversion into USD1 from other stablecoins.
The trust structure would also permit fee-free minting and redemption of USD1.
The proposed trust bank would operate within the framework established by the GENIUS Act, which sets federal standards for stablecoin issuers, including reserve, redemption, and compliance requirements.
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