The L'OCC supports its review of the World Liberty Financial trust banking license, despite concerns from the Trump family

The application for a national trust bank license submitted by World Liberty Financial (WLF) continues to be the subject of intense political debate. According to reports by Odaily, the United States Office of the Comptroller of the Currency (OCC) has reaffirmed its commitment to process this application with the same rigor as any other banking application, regardless of the political issues at play. This case has attracted particular attention due to concerns publicly raised by Senator Elizabeth Warren regarding the potential implications for the Trump family.

Concerns Expressed Regarding the Implications of This License

Senator Warren has raised substantial objections to the progression of this case, emphasizing concerns related to the potential creation of what she calls “paper wealth” benefiting U.S. President Donald Trump and his family. Quoting her arguments, Warren points out that this banking license could generate significant virtual gains without real benefits to the American financial sector. These concerns reflect a broader tension between the Trump family’s entrepreneurial ambitions in the cryptocurrency sector and traditional regulatory worries.

The OCC Maintains Its Rigorous Evaluation Process

Jonathan Gould, a regulatory official at the OCC, clarified that the application from World Liberty Financial will undergo a thorough assessment under current regulatory standards. This position reaffirms that the review process will be independent and impartial, without bias or special favor. The OCC emphasizes that every banking license application, regardless of its source or complexity, must meet the same regulatory compliance criteria before approval, thus ensuring the integrity of the national financial system.