$500M UAE stake spurs Warren push to block crypto charter

At a Senate Banking Committee hearing on Thursday in Washington, Comptroller of the Currency Jonathan Gould refused to pause or reject World Liberty Financial’s application for a national trust bank charter. Sen. Elizabeth Warren pressed for a halt and requested the company’s unredacted filing, citing foreign ownership and national security concerns.

Warren, the panel’s ranking member, urged Gould to either deny the charter or suspend it for further scrutiny. She also asked the Office of the Comptroller of the Currency to provide the full, unredacted application to her and Committee Chairman Tim Scott for in-camera review under the committee’s oversight authority. Gould indicated he would consider the request but would not discuss details of the pending review.

Questioned on whether the OCC would slow or stop the process, Gould responded that his office would handle the matter “as we process all applications.” He told Warren that “the only political pressure I have felt from any part of the U.S. government, Senator, is from you.” Warren replied that her pressure was “to follow the law” and added, “If you follow the law, you will reject the President’s application.” She warned that approving the charter would take Gould “from being a cheerleader for President Trump to an accomplice in his corruption.”

Warren pointed to a reported $500 million investment in World Liberty Financial by Aryam Investment 1, an entity linked to Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser. She noted the stake was described as 49% and said it occurred four days before President Trump’s inauguration. According to her remarks, roughly $187 million allegedly went to Trump family entities and at least $31 million to entities linked to developer Steven Witkoff. She also referenced later U.S. policy actions that allowed the UAE to obtain advanced AI chips that had previously faced restrictions, arguing the ownership raised national security risks.

Warren asked whether the applicant disclosed any entity with a direct or indirect interest of 10% or more, as OCC rules require. Gould declined to confirm any such disclosures or specifics of the filing, reiterating that he would not discuss a matter under review. At one point he remarked, “Unlike the last four years of the Biden administration, under President Trump’s leadership, we are actually doing what we say we will do.”

Separately, 41 House Democrats urged caution in a letter to Treasury Secretary Scott Bessent, writing that approval of the charter could undermine confidence in the U.S. banking system and its independence from foreign influence. Earlier this month, Rep. Ro Khanna opened an inquiry and asked federal prosecutors to review the UAE-linked transaction, stating that prioritizing a president’s personal financial interests over policy deliberations is unacceptable.

World Liberty Financial is seeking a national trust bank charter, which would place the crypto-focused firm under OCC supervision. Warren has argued that the company’s ties to President Trump and the alleged foreign investment create conflicts for both the applicant and the regulator. Gould maintained that the OCC’s review will follow standard procedure.