A tense exchange at a Senate Banking Committee hearing on February 27, 2026, escalated political tensions surrounding cryptocurrency regulation and bank charters. Senator Elizabeth Warren pressed Comptroller of the Currency Jonathan Gould over the pending national bank charter application of World Liberty Financial (WLF/WLFI), a crypto and stablecoin-focused firm linked to President Donald Trump.
Warren raised specific concerns based on a Wall Street Journal report alleging that a senior United Arab Emirates official, Sheikh Tahnoon bin Zayed Al Nahyan, secretly acquired a 49% stake in the venture shortly before Trump returned to office. She questioned whether this foreign investor was properly disclosed in the application, as OCC rules require full disclosure of any principal shareholder with a 10% or greater stake. "Did World Liberty disclose that the UAE official’s company was a shareholder?" Warren asked.
Comptroller Gould declined to discuss specifics of the pending application, stating the OCC would follow its established regulatory procedures and conduct a standard, independent review. He emphasized that the agency would not delay the process based on external demands, including Warren's call for the Trump family to fully divest from WLF before the review proceeds. "The only political pressure I’ve felt is from you," Gould told Warren during the hearing, rejecting allegations of political influence.
Senator Warren framed the issue as a matter of national security and presidential conflict of interest, warning that foreign ownership of a U.S. bank tied to a sitting president posed significant risks. She argued that failure to properly disclose the stake should warrant dismissal of the application and requested access to an unredacted filing for committee oversight. Gould said he would consider the request consistent with established protocols.
The OCC's standard review process involves evaluating the applicant's business plan, governance, capital adequacy, liquidity, risk controls, and compliance systems—including Bank Secrecy Act/anti-money laundering frameworks and operational resilience for stablecoin activities.
