OCC Faces Scrutiny from Elizabeth Warren Over Trump-Linked Crypto Bank Bid

The Office of the Comptroller of the Currency (OCC) announced Thursday that it will neither delay nor reject the bank charter application submitted by World Liberty Financial, a crypto company associated with former President Donald Trump. The decision comes despite vocal concerns from senators about potential conflicts of interest and foreign influence.

At a Senate Banking Committee hearing on prudential regulation, Senator Elizabeth Warren (D-Mass) urged OCC Comptroller Jonathan Gould to halt or reject the pending national trust bank charter for World Liberty Financial.

Warren highlighted a $500 million investment from the United Arab Emirates and warned that approving the application amid Trump’s unresolved financial conflicts could implicate Gould in presidential corruption.

“President Trump’s crypto venture is now at the center of one of the most concerning corruption scandals in U.S. history,” Warren stated. “An American president leveraging national security for personal financial gain is unacceptable”.

Comptroller Maintains Standard Application Process

When asked whether the regulator would deny or pause World Liberty’s review, Gould emphasized that the application would be handled like all others:

“We process all applications as we process all applications,” Gould said.
“The only political pressure I’ve experienced comes from you, Senator.”

Warren responded: “It’s pressure to follow the law. Following the law means rejecting the President’s application.”

UAE Investment Raises Conflict of Interest Concerns

Warren cited a Wall Street Journal report showing that Aryam Investment 1, linked to UAE national security advisor Sheikh Tahnoon bin Zayed Al Nahyan—nicknamed the “Spy Sheikh”—acquired a 49% stake in World Liberty Financial for $500 million just days before Trump’s inauguration.

The deal allegedly routed $187 million to Trump family entities and $31 million to Witkoff-linked entities. Within months, the administration lifted restrictions blocking UAE access to advanced AI chips previously restricted over concerns they could reach China.

Joshua Chu, co-chair of the Hong Kong Web3 Association, told Decrypt that while a comptroller refusing to comment on a pending charter might seem procedural, the Trump-linked application combined with foreign investment raises ethical and policy concerns. He described it as a stark example of foreign influence embedded directly into U.S. crypto markets.

Senate Questions Disclosure and Oversight

During the hearing, Warren pressed Gould on whether World Liberty disclosed that a UAE-linked entity held a principal stake, noting OCC rules require disclosure of any entity with 10% or more interest. Failure to disclose can be grounds for rejection.

Gould declined to confirm whether the disclosure had been made but stated: “Under President Trump’s leadership, we are actually doing what we say we will do”.

Warren also requested that the unredacted application be shared in camera with her and Committee Chairman Tim Scott, to which Gould responded positively.

Congressional Concerns Over Banking System Integrity

In parallel, 41 House Democrats warned Treasury Secretary Scott Bessent that approving the charter could undermine the legitimacy of the U.S. banking system and its independence from foreign actors.

Representative Ro Khanna initiated a formal investigation, urging federal prosecutors to scrutinize the UAE transaction. Khanna stated that subordinating policy decisions to a president’s financial interests is unacceptable.

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