Warren Targets Trump-Linked Crypto Bank Approval With Ethics Bill
The Democratic senator unveiled an ethics bill after regulators approved a Trump-linked crypto bank charter.
Senator Elizabeth Warren and a group of Democratic lawmakers have introduced legislation aimed at preventing presidents and senior government officials from owning or controlling banks. This move follows the Office of the Comptroller of the Currency (OCC) granting conditional preliminary approval to World Liberty Trust Company's application for a national trust bank charter, which is linked to Trump family's cryptocurrency venture, World Liberty Financial.
Warren framed the approval as an unprecedented conflict of interest, stating that President Trump is now the first in history to approve, operate, and supervise his own bank. The proposed "Ending Presidential Corruption in Banking Act" would prohibit federal regulatory bodies from approving banking applications involving covered officials, their spouses, or children if they own, control, or have the power to vote more than 10 percent of the bank's securities or serve as senior executives.
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