A tense exchange unfolded at a Senate Banking Committee hearing as Senator Elizabeth Warren pressed Comptroller of the Currency Jonathan Gould over a pending bank charter application tied to President Donald Trump’s crypto company, World Liberty.
Summary
- Warren questioned whether Trump-linked crypto firm World Liberty properly disclosed a reported 49% UAE stake in its OCC bank charter application.
- Comptroller Jonathan Gould declined to discuss specifics but pledged to follow standard OCC procedures.
- Warren warned that foreign ownership and presidential conflicts of interest pose risks if the charter is approved.
Elizabeth Warren demands answers on World Liberty’s bank application
Warren cited a Wall Street Journal report alleging that a senior United Arab Emirates official secretly acquired a 49% stake in Trump’s crypto venture shortly before Trump returned to office.
She questioned whether the foreign investor was properly disclosed in World Liberty’s application to the Office of the Comptroller of the Currency (OCC), which regulates national banks.
“Did World Liberty disclose that the UAE official’s company was a shareholder?” Warren asked.
Gould declined to discuss specifics of any pending application, stating that the OCC would follow established regulatory procedures. Warren countered that OCC rules require full disclosure of any principal shareholder with a 10% or greater stake, arguing that failure to do so would warrant dismissal of the application.
She requested access to an unredacted filing for committee oversight, saying lawmakers needed to verify compliance with disclosure requirements. Gould said he would consider the request consistent with established protocols.
Warren framed the issue as both a national security and conflict-of-interest concern, warning that foreign ownership of a U.S. bank tied to a sitting president posed significant risks. She also accused the OCC of potentially enabling corruption if it approved the charter.
Gould rejected allegations of political influence, saying the only pressure he had felt “is from you,” and maintained that the agency would process the application like any other.
The clash shows escalating political tensions surrounding crypto regulation, bank charters, and the intersection of digital asset ventures with presidential business interests.
