Senator Warren Raises Conflict of Interest Concerns
Senator Elizabeth Warren has formally requested the Office of the Comptroller of the Currency (OCC) to postpone its evaluation of a bank charter application submitted by World Liberty Financial (WLF). WLF is a company co-founded by President Trump. In a letter addressed to Comptroller Jonathan Gould, Warren expressed significant concerns that approving WLF's application while President Trump retains ownership in the company could lead to a substantial conflict of interest. She stated, "We have never seen financial conflicts or corruption of this magnitude," and urged the OCC to delay any decision until Trump completely divests his stake in the company.
The letter detailed that if WLF were to obtain a bank charter, the President would gain influence over the very agency tasked with supervising his own company. Warren highlighted this as a unique situation where a sitting President would oversee an entity from which he derives financial benefit. She questioned the OCC's ability to impartially enforce regulations if its oversight ultimately falls under the authority of the President, who has direct financial ties to the regulated company.
Crypto Bill Fails to Address Presidential Financial Conflicts
Senator Warren also drew attention to a draft cryptocurrency market structure bill scheduled for a vote in the coming week. She indicated that this bill does not include provisions to address President Trump's financial interests in WLF. Warren pointed out that an earlier legislative proposal, the GENIUS Act, also lacked safeguards against such potential conflicts. In her correspondence with the OCC, she requested a formal written response by January 20, 2026, confirming that no action will be taken on the WLF application unless the President has fully divested his ownership.
Pakistan Embraces USD1 Stablecoin for Global Transactions
In parallel developments, Pakistan has reached an agreement with WLF to incorporate the USD1 stablecoin into its national digital payment infrastructure. This initiative is intended to facilitate faster and more regulated cross-border transactions and will allow USD1 to function alongside the digital currency issued by Pakistan's central bank. This move is a key component of Pakistan's broader strategy to modernize its financial system and adopt advanced, technology-driven payment solutions.