Elizabeth Warren is moving to block World Liberty Financial’s plan to launch a federally chartered crypto bank. Days after the OCC granted preliminary conditional approval to World Liberty Trust Company, Warren said she plans legislation that would bar a sitting president and family members from owning a bank. Her move turns what began as a regulatory process into a wider political fight.
At the heart of the dispute is the charter itself. World Liberty Trust Company, if it satisfies all conditions, would be allowed to operate as a national trust bank focused on fiduciary activities and the issuance of USD1, the dollar-backed stablecoin tied to World Liberty Financial. The OCC said career staff reviewed the application for compliance with legal and regulatory standards, and the approval remains preliminary rather than final, but Warren argues the stakes go beyond routine compliance. She calls the case a glaring conflict of interest and “the most brazen act of self-dealing our financial system has ever seen.” Her core argument is that a business closely linked to a sitting president should not receive a federal banking charter from an administration that could benefit.
This marks a shift from a debate over process to a direct fight over ethics and law. Warren’s planned legislation would test whether existing banking rules are enough to prevent political and financial power from converging inside the crypto ecosystem. For now, the charter is not final, but the political battle is now at center stage.