A crypto company supported by the family of the President of the United States Donald Trump has applied for a bank charter of national trust, and one of the financial critics of the Senate wants the regulators to stop the process until the President cuts his financial ties to the project.
According to documents and public statements, the company intends to use a charter to issue and manage a dollar-denominated stablecoin called USD1, which has grown rapidly since its launch.
Warren Raises Concerns About Dispute With OCC
US Senator Elizabeth Warren has sent an official letter to Comptroller Jonathan Gould asking the Office of the Comptroller of the Currency (OCC) to suspend its review of the request until Trump separates and completely ends financial ties with World Liberty Financial, reports said.
A member of parliament wrote that authorizing a government-chartered bank while the sitting President maintains business ties would create serious problems of government ethics.
Warren's letter to Comptroller of the Currency, Jonathan Gould.
The Company’s Plan and Status
World Liberty Financial is looking for a reliable national bank that can provide stablecoin issuance, storage and conversion services.
Stablecoin USD1 has reached more than $3.3 billion since its launch, with regulators and lawmakers taking a closer look as the company seeks federal oversight.
This move will put certain crypto operations under the same type of supervision that traditional banks provide.
Pushback and Political Risk
Reports note that Warren’s demand is based on concerns about public trust in regulators. He asked the OCC to give him a written answer before January 20, expressing the urgency of the matter to the members of the legislature who oversee banking regulations.
Some Democrats have expressed similar concerns about the optics and legal questions that could arise if a regulator reviews a bank linked to a President in office.
Industry Context and Response
Several crypto firms have recently sought national charters or conditional approvals, sparking a wide-ranging debate about how stablecoins should be regulated. Supporters of bank charters say federal oversight would protect customers and bring transparency.
Critics argue that when the highest political figure is connected to the applicant, more vigilance is needed to preserve regulatory independence. Reporting on the case focused on both the bank’s claim and the potential impact on trust in government agencies.
Other Developments Around the Company
Freedom of the World and related affiliates have been active in many areas, including new product launches and international negotiations. Other outlets noted recently announced partnerships with outside groups to test the wider use of USD1 payments, an effort that underscores how quickly the stablecoin has spread.
Featured image from Inc/Getty Images, chart from TradingView
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