OCC to proceed with World Liberty bank charter despite Warren’s objections

The US Office of the Comptroller of the Currency (OCC) announced that it will continue evaluating World Liberty Financial’s application for a national trust bank charter, rejecting calls by Democratic lawmakers to pause the process amid concerns over potential conflicts of interest involving the firm’s prominent founders.

In a decision that has drawn bipartisan attention, Comptroller of the Currency Jonathan V. Gould affirmed that the agency will not delay its review of the application submitted by World Liberty Financial (WLF) on January 7.

Reports highlighted that US Senator Elizabeth Warren, a ranking member of the Senate Banking, Housing, and Urban Affairs Committee, recommended a postponement. She advised that the process be delayed until US President Donald Trump decides to sell his holdings in the cryptocurrency decentralized finance (DeFi) platform.

Senator Warren raises concerns about Trump and his family’s participation in WLF 

In a statement dated Friday, January 23, the head of the OCC, Jonathan Gould, mentioned that the submitted application from WLF will be reviewed under the current regulations. Moreover, he assured that there will be no political or personal financial relationships that would impact the bank charter assessment in any way.

Concerning Warren’s letter, Gould declared that, “The OCC plans to fulfill its responsibilities instead of following your request,” further adding that, “The OCC’s charter application process should be neutral and nonpartisan, and under my guidance, it will remain that way.” Meanwhile, the OCC head also affirmed that WLF’s application will face close scrutiny, similar to those the OCC has handled previously.

It is worth noting that what triggered Warren to request a delay in the review process was the fact that Trump and his three sons: Donald Trump Jr., Eric Trump, and Barron Trump are listed on the World Liberty Financial’s website as co-founders. Additionally, the Senator raised concerns regarding the billions in unrealized paper wealth the platform generated for their family.

This situation sparked further concerns when WLF  submitted an application to expand its cryptocurrency business on January 7.  This expansion motive consisted of acquiring permission to internally provide, store, and convert their USD1 stablecoin rather than relying on third-party firms such as BitGo, a digital asset infrastructure and financial services company.

The OCC simplifies the process of acquiring national trust banking charters

Established in March 2025, USD1 has gained significant popularity as the preferred means of payment, settlement, and treasury tasks internationally. As a result, the stablecoin secured the sixth position in terms of market value after its value rose to $4.2 billion. 

Regarding WLF’s application for a national trust bank charter, reports highlighted that crypto firms encountered difficulties in attempts to acquire national trust banking charters in the past.

However, after several considerations, a major transformation was observed in December last year when the Office of the Comptroller of the Currency issued five conditional approvals to leading cryptocurrency and blockchain infrastructure companies: Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos.

This shift in decision indicates that the currency regulator is exploring integrating cryptocurrency services into traditional financial frameworks. Meanwhile, in a notice made public earlier last month, the OCC alleged that its decision to issue conditional approvals for BitGo, Fidelity Digital Assets, and Paxos was intended to convert their current state-level trust firms into federally chartered national trust banks. 

Following this statement, Gould, the Comptroller of the Currency, commented  that, “New companies entering the federal banking sector benefit consumers, the banking industry, and the economy.” He added that, “the OCC will keep creating opportunities for both traditional and innovative financial services to ensure that the federal banking system adapts to changes in finance and supports a modern economy.”