WASHINGTON - The head of the national bank regulator told senators on Thursday he would consider a request to give senior congressional leaders confidential access to a national trust bank application filed by World Liberty Financial, a crypto venture backed by members of President Donald Trump’s family.
Jonathan Gould, the Comptroller of the Currency appointed last year, responded to Democratic Senator Elizabeth Warren at a Senate Banking Committee hearing that he would "entertain" her request for a confidential review of the company’s filing, which the firm submitted in January. The application seeks a national trust bank charter that would permit the company to broaden its operations.
Warren, joined by other Democrats on the panel, argued the application raises potential conflicts of interest and asked that an unredacted copy be shared with her and Senate Banking Committee Chairman Tim Scott, a Republican, so the committee could confirm the filing contains all required information. Several Democrats on the committee also urged Gould to reject the application outright or to pause the agency’s review.
World Liberty Financial is run by the president’s sons and other associates. Democrats additionally referenced reporting that the United Arab Emirates’ national security adviser is a large investor in the venture.
Responding to questions, Gould defended the licensing operation at his agency, praising staff as "superb" and noting that the licensing process is described in staff manuals available to the public. "We process applications in a fair and evenhanded manner," he said during the hearing.
The company’s spokesman, David Wachsman, said World Liberty Financial has met all obligations through the application process, including required disclosures, and accused Democrats of politicizing the issue. "Democrats are playing politics and, with baseless lies, smearing a private American company undergoing a rigorous regulatory process," Wachsman said.
A national trust bank charter generally allows firms to hold and manage assets on behalf of customers and to settle payments more quickly; such charters do not permit holders to accept deposits or to make loans. The hearing also noted that several other cryptocurrency-related firms have already received preliminary approvals for trust bank charters.
The exchange at the committee underscores the political scrutiny that can accompany regulatory evaluations when applicants have ties to prominent political families and when foreign investment is reported. The comptroller’s willingness to consider congressional access to the filing stops short of a commitment to release documents, but signals openness to oversight requests from senior members of Congress.
Contextual note: The application was filed in January and is currently under review by the agency. The White House has previously denied that the Trump family’s crypto activities constitute a conflict of interest.