US lawmakers call for suspension of trust bank licenses: the crypto industry needs stricter conflict of interest reviews

【Crypto World】Senior Democratic Senator Elizabeth Warren of the U.S. Senate Banking Committee has written to Acting Director of the U.S. Office of the Comptroller of the Currency Jonathan Gould, calling for a suspension of the approval process for the national trust bank license of World Liberty Trust Co. Warren pointed out that there are serious conflicts of interest in the application—Trump still holds shares in related digital asset businesses, and once these licenses are approved, the rules set by regulators could directly impact the President and his enterprises.

This is not just an isolated case. Warren emphasized that Congress, in advancing the GENIUS Act, has failed to adequately address similar conflicts of interest within the crypto industry. Now, as the Senate continues to push forward with legislation to reform the crypto market structure, such ethical issues cannot be ignored.

Even more concerning is that recent leaked drafts of crypto regulation bills have removed the government ethics clauses previously proposed by Democrats. This means that the upcoming Senate Banking Committee hearing may skip discussions on these systemic loopholes. Warren’s letter essentially serves as a wake-up call: as we open the door to the crypto industry, we must ensure that the regulatory framework itself does not become a tool for power rent-seeking. This concerns market confidence and the credibility of the government.