Trump family earns 1 billion and still wants to open a bank? Senator Warren blocks WLFI patent application

Senator Elizabeth Warren of the United States calls on OCC to delay the review of WLFI bank charter application until Trump divests. WLFI applies to establish World Liberty Trust to provide stablecoin services. Warren points out that Trump family profits exceed $1 billion from WLFI, and OCC will regulate the president’s related companies, creating an unprecedented conflict of interest. Set a deadline for January 20.

$1 Billion Profit and the Deadly Intersection with Bank Regulation

Senator Elizabeth Warren of the United States urges the Office of the Comptroller of the Currency (OCC) to postpone the review of the national trust bank charter application submitted by World Liberty Financial Inc. (WLFI) until the president divests from the company. In a letter to OCC Director Jonathan Gould, Warren highlights an unprecedented conflict of interest stemming from the Trump family’s involvement in the project.

According to BeInCrypto, WLFI submitted its application last week through its subsidiary WLTC Holdings LLC. The company seeks to establish the World Liberty Trust Company, National Association (WLTC). The proposed entity will focus on stablecoin services, including issuing and redeeming USD1 stablecoins, as well as custody and conversion services.

Warren notes that the connections between the president and his family and the enterprise are deeply concerning. Under the 2025 GENIUS Act, OCC becomes the primary regulator for federally licensed stablecoin issuers. This authorization grants the agency the power to approve charters, oversee operations, and enforce compliance. Therefore, if WLFI is approved, OCC will be directly and continuously regulating an entity related to the president’s personal financial interests.

The senator also emphasizes that the family “may” have profited over $1 billion from WLFI and other crypto projects. This figure is based on a Financial Times investigation covering sales of TRUMP and MELANIA meme coins, WLFI governance tokens, and USD1 stablecoins. Notably, the website lists President Trump’s sons Barron, Eric, and Donald Trump Jr. as co-founders of WLFI, with the president himself listed as an honorary co-founder.

Three Major Controversies in WLFI Application

Unprecedented scale of conflict of interest: The president’s family profits over $1 billion from WLFI, OCC will regulate the president’s own companies

Regulator being regulated: OCC Director appointed by Trump, yet tasked with regulating Trump family companies

Concerns over corruption of power: OCC’s rulemaking impacts the profitability of the president’s companies and supervises their competitors

Family’s full involvement: Trump’s three sons are co-founders, with Trump himself listed as honorary co-founder

Honorary co-founders are former co-founders who no longer hold executive or operational roles but remain associated as honorary, advisory, or symbolic figures. However, this nominal separation does not eliminate substantial conflicts of interest.

The Absurd Script of OCC Regulating Its Own Boss

The letter states: “If approved, you will set rules that affect the profitability of the president’s companies. You will also be responsible for directly supervising and enforcing laws against the president’s companies and their competitors. You will perform these duties under the president’s direction. In effect, this will be the first time in U.S. history that a president is responsible for regulating his own financial companies.” This statement reveals the absurdity of the issue: regulators appointed by the regulated boss, tasked with “impartially” regulating the boss’s companies.

Warren emphasizes that she previously expressed concerns about this matter. She also requested OCC clarify its plans to prevent “significant financial conflicts of interest” involving President Trump from influencing banking regulation policies. At that time, OCC refused to comment, claiming the scenario was hypothetical. Warren states that with WLFI’s application now formally submitted, these concerns have become urgent and tangible.

Warren says: “Your dismissive attitude and your blind support for the dangerous agenda of the president during your tenure as Comptroller make it hard for me to believe you will evaluate this application fairly according to legal standards.” This direct personal attack shows Warren’s deep skepticism about Gould’s independence.

The senator demands that OCC provide a written commitment to delay review until President Trump fully divests from WLFI and any related family interests. She sets January 20 as the deadline for the agency’s response. “We have never seen such a massive conflict of interest or corruption. Congress failed to address these issues when passing the GENIUS Act — therefore, the Senate has a responsibility to address these serious conflicts of interest when considering legislation on the cryptocurrency market structure.”

Collective Panic in the Banking Industry

This intervention reflects widespread concern among U.S. banks about extending national trust charters to crypto companies. The Independent Community Bankers of America (ICBA) and the American Bankers Association (ABA) have expressed similar worries. These applications include companies like Ripple, Circle, Fidelity, Paxos, First National Digital Currency Bank, and BitGo.

The banking industry’s concern stems from competitive threats. A national trust bank charter allows holders to provide financial services across all 50 states without obtaining separate licenses. If crypto firms obtain such charters, they can bypass traditional banking systems and offer financial services directly to consumers and businesses. For traditional banks relying on deposits and payment fees, this poses a survival threat.

However, Warren’s opposition differs from that of traditional banks. She is not protecting banking business interests but questioning political ethics and regulatory independence. This opposition from different camps with a common goal creates significant resistance to WLFI’s application. Meanwhile, Warren’s stance on WLFI aligns with her previous scrutiny of Trump-related crypto projects. Early 2025, she and Representative Jake Auchincloss urged regulators including the SEC and CFTC to investigate the “TRUMP” and “MELANIA” themed cryptocurrencies launched by President Trump and First Lady Melania.