Headline: Warren urges OCC to pause review of Trump family-backed firm’s national bank bid as USD1 stablecoin tops $3.3B A crypto venture backed by President Donald Trump’s family has applied for a national trust bank charter to issue and manage a dollar-pegged stablecoin — but one of the Senate’s most outspoken financial watchdogs wants regulators to halt the process until the President severs financial ties to the business. Filings and public statements show World Liberty Financial is seeking a federal trust bank charter that would let it issue, custody and convert its stablecoin, USD1. Since launch, USD1 has grown rapidly and now exceeds $3.3 billion in circulation — a number that has drawn heightened attention from lawmakers and regulators as the firm pursues federal oversight. Senator Elizabeth Warren has formally asked Comptroller Jonathan Gould and the Office of the Comptroller of the Currency (OCC) to pause the charter review. In her letter, she argued that approving a federally chartered bank while a sitting President retains financial links to the applicant poses “serious government ethics problems” and could undermine public trust in regulators. Warren requested a written reply from the OCC by January 20, signaling urgency from lawmakers who oversee banking rules. The request adds a political dimension to a broader industry debate over how stablecoins should be regulated. Supporters of national bank charters say federal oversight would bring consumer protections and regulatory clarity by treating stablecoin activities more like traditional trust-banking services. Critics counter that when a high-profile political figure is connected to an applicant, regulators must exercise extra caution to preserve independence and public confidence. Other Democrats have expressed similar concerns about optics and legal issues if a regulator moves forward with an application tied to the incumbent President. Meanwhile, World Liberty and affiliated entities have been active on multiple fronts — launching new products, entering international discussions, and announcing partnerships to explore broader payment uses for USD1 — underscoring how quickly the token has spread. As the OCC reviews the application, the outcome could shape not only the future of USD1 but also the evolving playbook for stablecoin issuers seeking federal charters. Read more AI-generated news on: undefined/news

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