February 27 News: U.S. Senator Elizabeth Warren publicly called on the Office of the Comptroller of the Currency (OCC) to suspend or reject World Liberty Financial’s (WLFI) application for a national trust bank license during a Senate Banking Committee hearing, citing unresolved financial ties between the company and Donald Trump that could involve serious conflicts of interest.
Warren pointed out that WLFI is at the “epicenter of an unprecedented presidential corruption controversy” and mentioned a $500 million investment from entities related to the United Arab Emirates, calling for increased transparency and a comprehensive review of potential risks. She had previously written to the OCC requesting the approval process be halted.
However, OCC Director Jonathan Gould responded at the hearing that the agency would evaluate the application according to established procedures and would not alter review standards due to political debates. He countered that the only political pressure felt so far came from Warren herself. The exchange was intense, highlighting the intertwining of crypto bank licensing approval and political power struggles in the U.S.
Meanwhile, WLFI is preparing to launch a foreign exchange trading platform called “World Swap,” which plans to operate within a 1 USD stablecoin system. If successful in obtaining a national bank license, the company would gain a competitive edge in compliant crypto banking, stablecoin payment channels, and digital asset custody.
Currently, the U.S. cryptocurrency regulatory framework is still evolving. Discussions around bank licensing, stablecoin compliance pathways, and presidential conflicts of interest continue to influence market expectations and policy directions.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Canada Moves to Ban Crypto Donations in Elections in New Bill
Canada’s bill C-25 proposes bans of crypto donations and similar methods due to traceability and identity verification concerns.
Law applies to parties, candidates, and third parties, with strict penalties and enforcement measures.
Shift follows rising transparency concerns, moving from r
CryptoFrontNews1h ago
UNI and AAVE are the first to be hit! Analyst: The CLARITY Act could seriously damage the DeFi yield myth
《Digital Asset Market Clarity Act (CLARITY Act)》 focuses on stablecoin regulation. If it passes, it will have a major impact on DeFi protocols, especially by banning platforms from offering yield on stablecoins. This will cause returns to be re-concentrated in traditional financial institutions, shrinking the competitive space for crypto platforms. The report warns that multiple DeFi projects such as Uniswap and Aave may face stricter regulation, affecting trading volume and liquidity.
区块客3h ago
Coin Center Warns US Crypto Crackdown Possible Without Clear Rules
Peter Van Valkenburgh warns that without passing the CLARITY Act, future U.S. administrations may impose strict regulations on crypto. He emphasizes the need for statutory protections to prevent reliance on political climates, as current agreements stall in Congress.
CryptoBreaking4h ago
Pro-XRP Attorney and Ripple CEO Agree the U.S. Can’t Afford Another Gary Gensler Moment
The pro-XRP attorney John Deaton has concurred with recent remarks by Ripple CEO Brad Garlinghouse that the United States cannot afford another Gary Gensler experience. He was the former chair of the U.S. Securities and Exchange Commission (SEC).
In a tweet explaining his opinion, Deaton insisted t
CryptoPotato4h ago
Pierre Rochard’s warning about the Bitcoin gap in the Basel III revision
Pierre Rochard warns that the U.S. regulatory approach to Bitcoin in the Basel III revision lacks clarity. He emphasizes the need for transparent criteria and data for banks to manage Bitcoin risks, cautioning that ambiguity may hinder financial innovation and compliance.
TapChiBitcoin5h ago
The Clarity Act hangs in the balance: the SEC may hold crypto accountable, and Ripple and developers face immense pressure
The prospects of the "Clarity Act" are unclear, which may lead the SEC to reconsider cryptocurrencies as securities, increasing legal risks. Industry insiders warn that short-termism and conflicting interests may delay the passage of the bill, impacting the legal status of mainstream assets. Cryptocurrency lobbying groups are prepared to address regulatory risks, calling for unity to ensure the long-term safety of the industry.
GateNews7h ago
