Top US Bank Regulator Refuses to Halt Trump Crypto Company Charter as Warren Warns of ‘Corruption’
Jonathan Gould, the Comptroller of the Currency, declined Thursday to delay or deny World Liberty Financial’s application for a national trust bank charter, despite fierce pressure from Senator Elizabeth Warren over foreign ownership and potential conflicts of interest.
At a Senate Banking Committee hearing, Warren pressed Gould on the pending application from the Trump-affiliated crypto company, citing a $500 million investment from the UAE and questions about presidential financial conflicts. Gould refused to pause the review, saying his agency would process the application “as we process all applications.”
Warren argued that approving the charter would make Gould “an accomplice in his corruption,” warning that “an American president who sells out our national security to make money for himself” is at the center of what she called “perhaps the most disgraceful Presidential corruption scandal in U.S. history.”
The UAE Connection
Warren cited a Wall Street Journal report showing that Aryam Investment 1, a vehicle linked to Sheikh Tahnoon bin Zayed Al Nahyan—the UAE’s national security advisor—allegedly purchased a 49% stake in World Liberty Financial for $500 million just four days before Trump’s inauguration.
The deal allegedly directed roughly $187 million to Trump family entities and at least $31 million to Witkoff-linked entities, according to Warren’s statements. She raised national security concerns about the transaction, particularly noting that the administration subsequently reversed Biden-era restrictions on UAE access to advanced AI chips.
Joshua Chu, co-chair of the Hong Kong Web3 Association, told Decrypt that the situation represents a collapse of crypto’s “smart money” ideals. “There is nothing subtle about a foreign spy chief wiring hundreds of millions into the president’s family token shop on the eve of his inauguration,” Chu said, describing the arrangement as “foreign policy written straight into a cap table.”
Disclosure Questions
Warren pressed Gould on whether World Liberty Financial disclosed the UAE investment properly. OCC rules require disclosure of any entity holding 10% or greater direct or indirect interest, with failure to disclose grounds for application dismissal.
Gould declined to confirm whether the disclosure had been made. When pressed further, he responded: “Unlike the last four years of the Biden administration, under President Trump’s leadership, we are actually doing what we say we will do.”
Warren countered that pressuring Gould to follow the law is legitimate oversight. “Well, it is pressure to follow the law,” she said. “If you follow the law, you will reject the President’s application.”
Gould pushed back at the characterization, claiming: “The only political pressure I have felt from any part of the U.S. government, Senator, is from you.”
Broader Congressional Scrutiny
Warren’s concerns are not isolated. Forty-one House Democrats wrote to Treasury Secretary Scott Bessent last week, warning that approving the charter could threaten “the legitimacy of the American banking system and its independence from foreign actors.”
Representative Ro Khanna separately launched a formal investigation earlier this month, urging federal prosecutors to scrutinize the UAE transaction. Khanna wrote that “seemingly subordinating robust policy discussions to the President’s personal financial interests is unacceptable.”
Warren also requested an unredacted copy of the charter application, citing the Banking Committee’s oversight authority over the OCC. Gould said he would “be happy to entertain your request.”
What Happens Next
The OCC has not set a public timeline for a decision on World Liberty Financial’s charter application. The White House and World Liberty Financial did not respond to requests for comment.
The dispute reflects broader tensions over crypto regulation and presidential conflicts of interest, as well as questions about how banking regulators should handle applications from politically connected entities.
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