Senator Elizabeth Warren is calling for a delay in the approval of World Liberty Trust's bid for a national trust bank charter until President Donald Trump cuts his ties to World Liberty Financial. Warren, a Democrat from Massachusetts, has voiced strong concerns about potential conflicts of interest due to the President's financial connections to the cryptocurrency firm.

World Liberty Trust, an affiliate of World Liberty Financial, has applied for a national trust charter from the Office of the Comptroller of the Currency (OCC). This application has sparked controversy and raised questions about the impartiality of the review process, given President Trump's stake in the company.

Warren argues that the application cannot be objectively reviewed because the OCC is headed by a Comptroller who is appointed by the President and can be fired by him. She stated that regulators should ensure fair access to credit and a stable banking system, not enrich their boss, the President.

Concerns about potential conflicts of interest have been echoed by banking experts. Todd Phillips, a professor at Georgia State University and former FDIC official, noted that the President's ability to influence the OCC's decision-making process raises serious questions about the integrity of the application review. Joseph Lynyak III, a partner at the law firm Dorsey & Whitney, argued that the Trump family's financial stake in crypto could indicate the industry wields inappropriate influence over administration policy.

Adding to the scrutiny, Steve Witkoff, a co-founder of World Liberty Financial and a long-time friend of President Trump, served as Trump's Middle East envoy. Witkoff helped broker a deal to send advanced AI chips to the United Arab Emirates (UAE) earlier this year. Subsequently, a UAE-backed fund announced its intention to use World Liberty's stablecoin to acquire a $2 billion stake in Binance, the world's largest crypto exchange. This series of events has prompted calls for investigation into potential quid-pro-quo arrangements, with senators questioning whether Witkoff's actions were influenced by his personal financial interests.

Warren has been a vocal critic of President Trump's involvement with World Liberty Financial, expressing concerns about possible "improper political influence". She has requested federal officials to investigate decentralized finance platforms that may be amplifying tokens connected to World Liberty Financial. In a letter to Treasury Secretary Scott Bessent and Attorney General Pam Bondi, Warren raised concerns about PancakeSwap, a decentralized exchange, and questioned whether the administration is examining any improper political influence on enforcement decisions tied to DeFi activity.

Previously, Warren and Senator Jeff Merkley sought records from World Liberty Financial regarding its stablecoin, USD1, and its interactions with federal agencies. They argued that legislation under consideration could expand the reach of USD1, potentially allowing President Trump to profit from a financial product he oversees.

The White House has consistently rejected claims that the President's crypto ties present conflicts of interest. However, the controversy surrounding World Liberty Financial and its bid for a national trust bank charter continues to fuel debate and raise ethical questions about the intersection of finance and politics.