U.S. Senator calls for a pause on the trust bank application related to WLFI, stating that Trump's failure to divest interests constitutes a conflict

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

Reports indicate that Warren has written to Office of the Comptroller of the Currency Director Jonathan Gould, requesting a delay in the application process while Trump still holds relevant interests. She pointed out that if the application is approved, the rules set by regulators could directly impact the profitability of the president's related businesses, creating a serious conflict of interest.

Warren stated that Congress failed to address such issues when passing the GENIUS Act, and therefore the Senate has a responsibility to confront these conflicts while reviewing legislation on cryptocurrency market structure. Currently, the Senate Banking Committee is set to hold hearings on related bills, but the latest leaked draft has not included the government ethics provisions previously requested by Democrats.