Democrats Demand Treasury Scrutiny Over Trump-Backed Crypto Firm’s Charter Bid
Democratic lawmakers are pressing the Treasury Department for transparency in the Office of the Comptroller of the Currency's review of World Liberty Financial's trust bank charter application. The firm, linked to former President Trump, seeks to expand its digital asset services, including issuing a dollar-backed token.
Concerns center on potential national security risks tied to foreign ownership stakes, particularly from the UAE. Legislators demand proof that the OCC's decision-making remains insulated from WHITE House political influence.
Senator Elizabeth Warren and colleagues warn against regulatory backstops that might socialize crypto losses, potentially exposing taxpayers to industry risks. The charter approval could significantly expand World Liberty's capacity to operate across state lines as a digital asset service provider.
