OCC proceeds with World Liberty Financial bank charter review despite Warren objections

Regulatory Process Moves Forward

The Office of the Comptroller of the Currency has decided to continue reviewing World Liberty Financial’s application for a national trust bank charter. This comes despite objections from Senator Elizabeth Warren, who wanted the process paused until President Donald Trump divested his stake in the crypto platform.

Jonathan Gould from the OCC confirmed on Friday that the application will be evaluated under existing regulatory standards. He emphasized that political or personal financial ties won’t impact the procedural review. “The OCC intends to act consistent with this duty rather than your demand,” Gould said in response to Warren’s January 14 letter.

Warren’s Concerns and WLF’s Plans

Warren’s criticisms centered on the Trump family’s involvement with World Liberty Financial. The President and his sons Eric, Donald Trump Jr., and Barron are listed as founders of the platform. According to reports, the platform has generated billions in paper wealth for the family.

WLF submitted its application on January 7 with specific goals in mind. The company wants to expand its crypto operations, particularly around its USD1 stablecoin. If approved, WLF would be able to issue, custody, and convert USD1 in-house rather than relying on third-party providers like BitGo.

The Stablecoin Landscape

USD1 has become a significant player in the stablecoin market since launching in March 2025. It’s currently the sixth-largest stablecoin with a market capitalization of $4.2 billion. The token is already widely used for cross-border payments, settlement, and treasury operations.

This growth comes at an interesting time for BitGo, one of WLF’s potential competitors. BitGo recently went public, but its shares have been volatile and slipped below the offer price.

Broader Context for Crypto Banking

National trust banking charters have been difficult for crypto companies to obtain historically. But there’s been some movement recently. In December, the OCC awarded five conditional approvals to major players including Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos.

That development signaled the currency regulator’s willingness to expand crypto services into traditional finance. It perhaps represents a shift in how regulators view the crypto industry’s place in the broader financial system.

Gould noted that WLF’s application would undergo a “rigorous review” like any other application the OCC receives. The process will follow established procedures, regardless of the political attention surrounding this particular case.

This situation highlights the ongoing tension between crypto innovation and regulatory oversight. It also shows how political considerations can intersect with financial regulation, especially when prominent figures are involved.

The crypto industry has struggled for years to secure proper banking relationships. Traditional banks have been hesitant to work with crypto companies due to regulatory uncertainty and compliance concerns. National trust charters could provide a solution, but the approval process remains selective and demanding.

What happens with WLF’s application could set important precedents. It might influence how other crypto companies approach the charter application process. And it could shape regulatory thinking about ownership structures and potential conflicts of interest in the crypto banking space.

I think we’re seeing a gradual, if sometimes contentious, integration of crypto into the traditional financial system. Each approval, each review, each regulatory decision adds another piece to this evolving puzzle. The WLF case is just one part of that larger story.