OCC recommends suspending the bank application related to World Liberty Financial

The US Office of the Comptroller of the Currency (OCC) will continue processing applications for federal trust bank establishment related to World Liberty Financial Inc., a crypto company associated with President Donald Trump, despite a request to pause from Senator Elizabeth Warren.

In a letter to Ms. Warren on Friday, Acting Comptroller of the Currency Jonathan Gould stated that OCC has a legal obligation to process applications within the designated timeframe and will follow standard procedures instead of responding to the delay request. He emphasized that the bank charter approval process must be non-political and impartial, focusing on ensuring that applicants meet all standards and supervisory requirements.

Ms. Warren, a Massachusetts senator and the highest-ranking Democrat on the Senate Banking Committee, called on OCC to suspend review of the application until President Donald Trump and his family fully divest their ownership interests in World Liberty Financial, citing conflict of interest concerns. In the same statement, she criticized the continued review process as inappropriate and argued that Congress should not pass any crypto market structure bills lacking similar conflict-of-interest safeguards.

World Liberty Financial is a crypto company partially owned by President Donald Trump, and its trust bank charter application will place it under the supervision of federal regulators.

Mr. Gould — who previously led at blockchain company Bitfury — also defended the trend of crypto companies seeking trust bank charters, despite criticism from traditional banks.