February 27 News: U.S. Senator Elizabeth Warren publicly called on the Office of the Comptroller of the Currency (OCC) to suspend or reject World Liberty Financial’s (WLFI) application for a national trust bank license during a Senate Banking Committee hearing, citing unresolved financial ties between the company and Donald Trump that could involve serious conflicts of interest.
Warren pointed out that WLFI is at the “epicenter of an unprecedented presidential corruption controversy” and mentioned a $500 million investment from entities related to the United Arab Emirates, calling for increased transparency and a comprehensive review of potential risks. She had previously written to the OCC requesting the approval process be halted.
However, OCC Director Jonathan Gould responded at the hearing that the agency would evaluate the application according to established procedures and would not alter review standards due to political debates. He countered that the only political pressure felt so far came from Warren herself. The exchange was intense, highlighting the intertwining of crypto bank licensing approval and political power struggles in the U.S.
Meanwhile, WLFI is preparing to launch a foreign exchange trading platform called “World Swap,” which plans to operate within a 1 USD stablecoin system. If successful in obtaining a national bank license, the company would gain a competitive edge in compliant crypto banking, stablecoin payment channels, and digital asset custody.
Currently, the U.S. cryptocurrency regulatory framework is still evolving. Discussions around bank licensing, stablecoin compliance pathways, and presidential conflicts of interest continue to influence market expectations and policy directions.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Russia Considers Separate Stablecoin Law Amid Crypto Regulation Reforms
Key Insights
Russia separate stablecoin law may create clear legal status for fiat-pegged tokens within the national financial system.
Lawmakers may restrict trading on unlicensed crypto platforms under a broader exchange regulation bill.
A ruble-pegged stablecoin approved for trade highlights Ru
CryptoBreaking2h ago
Curve Finance accuses a decentralized trading platform of unauthorized use of its code
Curve Finance recently stated that a certain decentralized trading platform used its code without permission, violating open-source licenses, and emphasized that this action is illegal and unwise. Curve Finance proposed that legitimate use of its Stableswap functionality can be achieved through licensing or collaboration to ensure the safety of user funds.
GateNews3h ago
A certain CEX responds to U.S. Senator's anti-money laundering inquiry, claiming media reports are inaccurate.
A certain CEX recently responded to a U.S. senator's inquiry about anti-money laundering, stating that the allegations are false. The platform emphasized that it has established strict compliance and sanctions controls, prohibiting Iranian users. It also launched an internal investigation, delisted related entities, and helped law enforcement recover over $752 million in the past three years. Moving forward, it will continue to strengthen its compliance system.
GateNews5h ago
XRP Could Face Securities Classification Under New U.S. Crypto Framework, Says Cardano’s Hoskinson
Charles Hoskinson argues that under the revised CLARITY Act, tokens like XRP would qualify as securities, igniting his feud with the XRP community.
He called Ripple CEO Brad Garlinghouse out again, cautioning that having no laws is better than having a bad law.
Cardano founder Charles Hoskin
CryptoNewsFlash5h ago
Iran and North Korea are both using it! Stablecoins have become the preferred virtual asset for illegal transactions, with involved fraud totaling $51 billion.
According to the latest FATF report, stablecoins have become a primary funding tool for illegal transactions, especially in countries like North Korea and Iran. The report indicates that by 2025, stablecoins will account for 84% of illegal virtual asset trading volume, and calls for increased regulation of stablecoin issuers to prevent money laundering and other criminal activities. The global stablecoin market value has exceeded $300 billion, and regulators need to act quickly to close regulatory gaps.
区块客5h ago
Bank failures, war conflicts: Iran's $7.8 billion cryptocurrency "shadow economy" becomes the focus again
As the US-Israel coalition's military actions against Iran escalate, Iran's "shadow economy" becomes a focal point. Iran has legalized Bitcoin mining and is utilizing cheap electricity for mining to bypass US dollar sanctions, with the mining scale potentially reaching $7.8 billion and being heavily relied upon by the military. The rial has depreciated by over 96%, and the stablecoin USDT has become a new tool for trade, while the public is turning to Bitcoin to protect their assets.
区块客5h ago
