A senior U.S. senator is calling on regulators to pause the approval of a crypto firm’s bank charter due to conflicts tied to former President Trump.
On January 13, Senator Elizabeth Warren wrote to the Office of the Comptroller of the Currency (OCC), asking the agency to halt its review of WLFI’s national bank charter application. She cited unresolved conflicts of interest because Trump and his family maintain financial ties to the company, which she says could put the OCC in an unprecedented position of overseeing a business linked directly to the sitting president.
Warren’s letter emphasizes that approving the charter now could undermine public trust in both the regulator and the broader banking system. The charter would allow WLFI’s trust bank entity to operate federally, including issuing and holding its USD1 stablecoin—potentially giving it regulatory advantages while Congress continues debating crypto market rules.
She linked her request to ongoing legislative efforts, noting that current crypto market structure bills and the recently passed GENIUS Act do not address conflicts involving presidential involvement in digital asset companies. Warren asked the OCC to pause its review until Trump fully divests from WLFI and resolves any financial conflicts, requesting a written response by January 20.
The OCC has not publicly responded. While the agency has granted conditional approvals to other crypto banking firms, Warren warned that moving forward with WLFI under the current circumstances could erode trust in federal banking oversight. The issue is likely to come up again as lawmakers continue debating how U.S. banking law should regulate cryptocurrency companies.
