The Office of the Comptroller of the Currency (OCC) has firmly rejected Senator Elizabeth Warren's demand to halt the review of World Liberty Financial's (WLF) national trust bank license application, a decision that underscores the regulator's commitment to an impartial process amid political scrutiny.
Regulatory Impartiality Affirmed
The OCC, through Jonathan Gould, asserted that WLF's application would be evaluated strictly under existing regulatory standards, vowing that no political or personal financial ties would influence the procedural review. This came in direct response to Senator Warren's letter, which sought a pause until then-President Donald Trump divested his alleged stake in the cryptocurrency platform. Gould explicitly stated the OCC's intent to uphold its duty, maintaining an "apolitical and non-partisan" application process and assuring a "rigorous review" for WLF, akin to any other applicant. Warren's concerns stemmed from the listing of the President and his sons as founders of WLF, which she claimed generated billions in paper wealth for the family.
World Liberty Financial's Strategic Expansion
World Liberty Financial submitted its application on January 7th, aiming to significantly expand its cryptocurrency operations. This strategic move seeks to enable WLF to internally issue, custody, and convert its stablecoin, USD1, rather than relying on external providers. USD1, launched in March 2025, has already achieved a market capitalization of $4.2 billion, becoming the sixth-largest stablecoin and widely used for cross-border payments, settlements, and treasury operations. The broader cryptocurrency industry has historically faced challenges in securing national trust bank licenses. However, a recent shift in December saw the OCC grant conditional approvals to five major crypto firms, signaling a potential expansion of crypto services into traditional finance.
