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
Strike has obtained the BitLicense issued by the New York State Department of Financial Services
Odaily Planet Daily reports that Bitcoin payment app Strike has officially received the BitLicense license issued by the New York State Department of Financial Services, allowing it to operate cryptocurrency services locally. Strike also announced the launch of a Bitcoin collateral credit line service, enabling users to borrow fiat currency in real-time for lightning payments or bill payments. Currently, this service supports low-threshold lending and will initially be launched in Georgia and Massachusetts, with plans to expand to more states across the United States.
GateNews1h ago
Vancouver "Bitcoin Reserve" Dream Shattered! City Hall Staff "This Reason" Suggests Withdraw Proposal
Vancouver Mayor Ken Sim proposed establishing a "Bitcoin Strategic Reserve," but city officials assessed that Bitcoin does not meet legal investment standards and recommended that the city council withdraw the proposal. According to the report, Bitcoin is not classified as a legal asset and requires reallocation of human resources to align with municipal priority plans. The Ministry of Municipal Affairs of British Columbia has already stated that local governments are not permitted to include cryptocurrencies in their financial reserves to avoid risks.
区块客1h ago
U.S. Senator Criticizes SEC for $10 Million Settlement with Justin Sun, Accusing Trump Administration of Favoring Crypto Allies
U.S. Senator Elizabeth Warren criticizes the SEC for reaching a $10 million settlement with Justin Sun, claiming that regulatory agencies favor crypto allies. The settlement involves SEC charges against Sun and his company. Warren emphasizes the need to ensure crypto legislation prevents the president from profiting through the crypto industry. Justin Sun calls the settlement a conclusion to the case and commits to promoting crypto innovation.
GateNews2h ago
Pakistan's Parliament passes the Virtual Assets Act 2026, officially establishing the Cryptocurrency Regulatory Authority PVARA
ChainCatcher News: The Pakistani Parliament officially passed the "Virtual Assets Bill 2026," announcing the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA), responsible for licensing and regulating virtual asset service providers within the country.
The bill aims to protect investors, combat money laundering and terrorist financing, and promote fintech innovation, aligning Pakistan's regulatory standards with international practices. PVARA was previously a temporary agency established by a presidential order in July 2025; this legislation marks its formal legalization.
GateNews2h ago
The Central Bank of Russia proposes allowing banks and brokerage firms to obtain cryptocurrency trading licenses
Russia plans to legislate cryptocurrency trading regulation, with the central bank governor proposing to allow qualified banks and brokerage firms to obtain trading licenses, establish compliance systems, monitor fund flows, and control risks. This new regulation aims to be implemented by July 2026 to promote the legalization of digital assets.
GateNews3h ago
South Korea launches crypto management program for 2026
The Financial Services Commission of South Korea held its first virtual assets committee meeting of 2026 on March 4 in Seoul, discussing cryptocurrency legislation and reviewing a draft of the Digital Asset Basic Act.
TapChiBitcoin4h ago
