U.S. Senator Elizabeth Warren has urged federal banking authorities to halt their review of a national trust bank charter sought by World Liberty Financial. It has cited concerns over WLF’s close ties to President Donald Trump.
In a strongly worded letter to the Office of the Comptroller of the Currency, Warren has warned that continuing the review could damage the credibility of the banking oversight process. She has also argued that approving the application could allow the President to indirectly influence a financial institution regulated by an agency whose leadership he has the power to dismiss.
World Liberty Financial has confirmed submitting a formal application and has also set up a new subsidiary, WLTC Holdings LLC, to pursue the charter. Warren said her earlier warnings about conflicts of interest were initially dismissed as hypothetical but have now become real.
She called on the OCC to stop the review until Trump fully exits his financial interests in the firm. The episode reflects growing political scrutiny of crypto-linked firms seeking entry into the traditional banking system.
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