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U.S. Senator Warren Calls for Halt to WLFI Bank Charter Application Process Until Trump Family Divests Related Holdings
BlockBeats News, January 14th: U.S. Senator Elizabeth Warren called for a halt to the U.S. trust banking license application process for World Liberty Trust Co. until President Trump divests his family's holdings in related digital asset businesses.
Warren wrote to Jonathan Gould, the Acting Comptroller of the Currency, on Tuesday. Affiliated entities of World Liberty Financial Inc. are applying to the agency for a charter license that, if approved, would enable them to directly issue a USD-pegged stablecoin. In her letter, she asked Gould to delay the approval process while Trump still holds potentially conflicting interests. "We have never seen such a scale of financial conflict of interest or corruption issues," Warren wrote in the letter. "The U.S. Congress failed to address these issues when passing the GENIUS Act, so the Senate must take responsibility for addressing these real and serious conflicts of interest when considering legislation on the structure of the cryptocurrency market."
Warren is the lead Democratic senator on the Senate Banking Committee, which is scheduled to hold a hearing on the bill on Thursday. The draft of the bill released late Monday night does not yet include the government ethics provisions that Democratic senators had requested during lengthy negotiations. It remains unclear how this issue will be resolved as the committee prepares to consider amendments and potentially vote on advancing the bill to the full Senate.
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