TLDR
- Elizabeth Warren questioned a reported 49% UAE stake in World Liberty.
- OCC chief said the charter review will follow standard rules.
- Lawmakers requested access to the unredacted OCC filing.
- House Democrats warned about foreign ownership concerns.
A Senate hearing grew tense as Senator Elizabeth Warren challenged the nation’s top bank regulator over a Trump-linked crypto firm. She urged the Office of the Comptroller of the Currency to delay or deny a pending bank charter. The regulator declined and said the review would proceed under standard procedures.
The dispute centers on World Liberty Financial, a crypto venture tied to President Donald Trump. The company has applied for a national trust bank charter with the OCC. Warren questioned whether a reported foreign stake in the firm was properly disclosed. The exchange placed the focus on disclosure rules and regulatory oversight.
Warren Questions Disclosure of UAE Stake
During the Senate Banking Committee hearing, Warren cited a Wall Street Journal report. The report stated that Aryam Investment 1 acquired a 49% stake in World Liberty Financial. The vehicle is linked to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser. According to the report, the $500 million deal occurred four days before Trump’s inauguration.
It stated that about $187 million went to Trump family entities. At least $31 million reportedly went to entities linked to Steve Witkoff. Warren asked whether this ownership stake was disclosed in the firm’s OCC filing. “Did World Liberty disclose that the UAE official’s company was a shareholder?” Warren asked.
She noted that OCC rules require disclosure of any shareholder with a 10% or greater interest. She argued that failure to disclose such a stake could justify dismissal of the application. Warren also requested access to an unredacted version of the filing. She said the Senate Banking Committee has oversight authority over the OCC. She stated that lawmakers needed to verify compliance with disclosure requirements.
OCC Response and Regulatory Process
Jonathan Gould, Comptroller of the Currency, declined to discuss details of the pending application. He said the agency would follow established regulatory procedures. He added that the OCC would process the application like any other. “The only political pressure I have felt from any part of the U.S. government, Senator, is from you,” Gould said.
Warren responded, “It is pressure to follow the law. If you follow the law, you will reject the President’s application.” When asked whether the OCC would delay or deny the charter, Gould declined. He said the agency would review the application as it does all others.
He later said he would consider Warren’s request to share the unredacted filing in camera. Gould also rejected claims of political influence. He stated that the agency’s review would remain consistent with existing rules. The OCC has not announced a timeline for a decision.
Broader Political Reaction and Oversight Efforts
The hearing reflects ongoing debate over crypto regulation and presidential business interests. Warren described the matter as a corruption scandal. She said the situation involved national security concerns and foreign ownership. Forty-one House Democrats wrote to Treasury Secretary Scott Bessent last week.
They warned that approval of the charter could threaten the legitimacy of the banking system. Representative Ro Khanna also launched a formal investigation into the reported UAE transaction. Lawmakers said they want clarity on ownership disclosures and compliance with OCC rules. They stated that congressional oversight remains necessary while the application is under review.
The White House and World Liberty Financial did not respond to requests for comment. The OCC continues its review of the national trust bank charter application as lawmakers press for further disclosure.
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