Crypto Bank Application Sparks High-Level Dispute
Senator Warren has sharply criticized a crypto bank application, linking it to a presidential corruption scandal. She pointed out that an investment entity tied to the UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan injected $500 million into WLFI just four days before Trump took office, acquiring a 49% stake. Part of that sum reportedly flowed into Trump family businesses.
Warren urged OCC Director Gould to reject or suspend the application review, arguing that approval would make the agency complicit in corruption. She also warned that the financial flows could represent potential foreign interference.
- Investment occurred just four days before Trump’s term
- About $187 million flowed into Trump family entities
- Warren calls for a review suspension to avoid corruption risk
OCC Response: Following Standard Procedures
In response to Warren's pressure, Gould stated that the OCC would not interfere and would process the application according to standard procedures. He countered that the only political pressure he has felt comes directly from Senator Warren herself.
Notably, 41 House Democrats have already written to the Treasury Secretary, warning that approving the bank charter could undermine the legitimacy and independence of the U.S. banking system, especially in the face of foreign influence.