Yeliz Akmaca 
U.S. politics and the crypto world are buzzing as Senator Elizabeth Warren sharply criticizes President Donald Trump’s and his family’s involvement with World Liberty Financial (WLFI). Warren is demanding an immediate halt to the company’s national bank license application. Market observers highlight the ethical dilemma of a president overseeing a federal regulator while seeking a license for his own company.
“A First in History: A President Overseeing His Own Company”
In a letter addressed to Comptroller Jonathan Gould, Warren summarized her concerns bluntly:
“We have never seen financial conflicts or corruption of this magnitude,” she said, making waves in Washington circles.
Warren pointed to past instances where Gould reportedly dodged questions about Trump’s influence: “I have no confidence you will fairly evaluate this application according to legal standards.”
Her core objection is the risk that Trump could advantage his own company through appointees he controls. Warren insists the review should be paused until Trump divests all ties to World Liberty. How the OCC responds, while operating under a president with discretionary authority, remains to be seen.
WLTC Holdings and the USD1 Stablecoin Plan
World Liberty’s subsidiary, WLTC Holdings, filed a critical application with the OCC earlier this month. The submission seeks a “national trust bank” charter, authorizing the issuance, custody, and conversion of its own stablecoin, USD1.
According to SEC filings and other publicly available information, the platform represents billions of dollars of paper wealth for the Trump family. Warren emphasized her distrust of Gould:
“You will oversee functions that impact the profitability of the president’s company. In fact, for the first time in U.S. history, a president will supervise his own financial enterprise.”
Legislative Battles: GENIUS Act in Play
The legal backdrop stems from Trump’s GENIUS Act, enacted last year to regulate stablecoins. The legislation designates the OCC as the primary regulator for stablecoin issuers. Warren argues the law fails to prevent these types of conflicts, urging the Senate to close gaps in upcoming crypto market legislation.
Meanwhile, the Senate Banking Committee is set to review a new crypto bill Thursday. Drafts leaked Monday revealed Democratic ethics provisions were omitted, suggesting tougher negotiations ahead.
Industry Reactions and Political Risks
Concerns extend beyond politics. Crypto leaders like Cardano founder Charles Hoskinson have voiced distrust of the current political direction. Markets are interpreting Trump’s pro-crypto stance as overshadowed by personal enrichment.
Warren noted that prior warnings were dismissed as speculative during the summer. Now, the feared scenario has materialized: the president simultaneously setting rules and being subject to them, posing a serious threat to the integrity of federal banking oversight.
Going forward, attention is on the Senate Banking Committee’s upcoming session and the OCC’s response under this political pressure.