U.S. Senator Elizabeth Warren on Tuesday called on federal regulators to halt the review of a national bank charter application tied to World Liberty Financial (WLF), escalating a high-stakes clash over ethics, stablecoin regulation, and the expanding role of crypto firms in the U.S. banking system. In a letter to Jonathan Gould, the Comptroller of the Currency, Elizabeth Warren urged the Office of the Comptroller of the Currency (OCC) to pause the process until potential conflict of interest concerns involving President Donald Trump are fully addressed.
Amid the controversy, executives at World Liberty Markets have pointed to early traction on the platform.
“Two days in, World Liberty Markets has surpassed $50mm in TVL.
The most encouraging part so far has been the quality of feedback and how quickly users are engaging with the product.
Still early, but a solid start.”
— Zak Folkman, Co-founder & COO of the World Liberty Markets, wrote in a post on X (formerly Twitter). World Liberty Markets operates separately from World Liberty Financial, which is seeking the bank charter, but is affiliated with the broader World Liberty ecosystem.
Warren Urges OCC to Pause Charter Review
At the center of the dispute is World Liberty Financial (WLF), a crypto venture co-founded by Donald Trump that is seeking a federal bank charter through its subsidiary WLTC Holdings. The application would allow World Liberty Financial (WLF) to issue and manage deposits tied to USD1, the company’s stablecoin, and bring the firm under the supervisory umbrella of the Comptroller of the Currency.
In her letter, dated January 13, 2026, Senator Elizabeth Warren urged OCC Comptroller Jonathan Gould to delay review of World Liberty Financial’s (WLF) national trust bank charter application, warning that it presents an “unprecedented” conflict of interest because the company was co-founded by President Donald Trump.
Warren wrote that the recently enacted GENIUS Act of 2025, which made the OCC the primary regulator of stablecoin issuers, did not contemplate a scenario in which the sitting president maintains a direct financial stake in a firm seeking federal banking approval. She called on the OCC to pause the process until Trump and his family divest from World Liberty Financial (WLF) and requested a written commitment by January 20, arguing that approving the application without resolving these conflicts could undermine regulatory independence and public trust.
She called for enhanced disclosures, independent oversight, and, if necessary, divestiture by politically exposed persons connected to World Liberty Financial (WLF).
The involvement of Donald Trump looms large over the application. As both U.S. president and a co-founder of World Liberty Financial (WLF), Donald Trump occupies a dual role that Elizabeth Warren described as a textbook conflict of interest.
Warren warned that approving a charter under these circumstances could undermine public trust in the OCC and blur the line between executive power and private financial gain. References to Donald Trump and World Liberty Financial (WLF) have fueled partisan debate within the Senate Banking Committee, where Democrats have urged caution while Republicans accuse Elizabeth Warren of politicizing financial innovation.
World Liberty Financial had earlier stated that its proposed bank charter would allow the company to consolidate the issuance, custody, and conversion of its USD1 stablecoin within a single, highly regulated entity, according to comments by co-founder Zach Witkoff.
A Precedent-Setting Decision for Stablecoins
The OCC has not publicly indicated whether it will grant Elizabeth Warren’s request for a delay. Any decision will be closely watched by lawmakers, regulators, and crypto firms, as it could set a precedent for how politically connected applicants are treated under the GENIUS Act.
For now, the clash between Elizabeth Warren and Donald Trump has turned the World Liberty Financial (WLF) charter bid into a defining test of ethics in government and the future of U.S. stablecoin regulation.