U.S. Senator Calls for Halt to Trust Bank Applications Related to WLFI, Citing Trump's Failure to Divest Interests as Conflict

Odaily News U.S. Senator Elizabeth Warren, the senior Democrat on the Senate Banking Committee, has called for a pause on the application for a U.S. national trust bank charter related to World Liberty Trust Co. until Donald Trump divests his family's holdings in the related digital asset business.

According to reports, Warren has sent a letter to Jonathan Gould, Acting Comptroller of the Office of the Comptroller of the Currency, requesting a delay in the application process while Trump still holds the related interests. She pointed out that if the application is approved, rules established by regulators could directly impact the profitability of the President's related enterprises, constituting a serious conflict of interest.

Warren stated that Congress failed to address such issues when passing the GENIUS Act, therefore the Senate has a responsibility to confront these conflicts when considering crypto market structure legislation. Currently, the Senate Banking Committee is about to hold hearings on the relevant bill, but the latest leaked draft has not yet incorporated the government ethics provisions previously demanded by Democrats. (CoinDesk)