OCC Under Fire Over Trump-Linked Crypto Venture Banking Charter Application

US Senator Elizabeth Warren has expressed strong criticism towards the Office of the Comptroller of the Currency (OCC) for its consideration of a banking charter application linked to President Trump's crypto venture, World Liberty Financial. The OCC has declined to halt or reject the review, despite concerns over potential conflicts of interest and foreign investment in the company.

The proposed trust bank, World Liberty Trust Company, National Association, aims to support USD1 stablecoin operations for World Liberty Financial. However, Senator Warren argues that approving the charter would place the regulator in an unprecedented position, effectively overseeing and shaping the profitability of a company connected to the sitting president.

Gould, the Comptroller of the Currency, stated that the OCC would process the application 'as we process all applications.' When pressed by Warren on whether he would delay or deny the charter, Gould declined. He also made it clear that there has been no pressure from any part of the US government except for Warren herself.

Warren's criticism follows a letter she sent to the OCC in January calling for an immediate halt to the review. She argues that approving the charter would be unprecedented and potentially corrupt, given President Trump's financial ties to World Liberty Financial. Central to her concerns is a reported foreign investment in the company, with Aryam Investment 1, linked to Sheikh Tahnoon bin Zayed Al Nahyan, acquiring a 49% stake for $500 million.