Arya News - By Pete Schroeder WASHINGTON, Feb 26 (Reuters) - The head of the national U.S. bank regulator said on Thursday he would consider a request to allow senior members of Congress to review the bank
By Pete Schroeder
WASHINGTON, Feb 26 (Reuters) - The head of the national U.S. bank regulator said on Thursday he would consider a request to allow senior members of Congress to review the bank charter application of World Liberty Financial, a crypto venture backed by the family of President Donald Trump.
Jonathan Gould, Comptroller of the Currency named by Trump last year, told Democratic Senator Elizabeth Warren during a Senate Banking Committee hearing he would "entertain" her request to confidentially review the crypto company"s application to become a national trust bank, which it filed in January. Such a charter would allow the company to expand its business operations.
Warren, who along with other Democrats raised concerns that the application presents a potential conflict of interest, said she wanted Gould to share an unredacted copy of the application with her and Senate Banking Committee Chairman Tim Scott, a Republican, to ensure it includes all necessary information.
Warren and several other Democrats on the Committee also pressed Gould to reject or delay reviewing the application. World Liberty Financial is run by Trump"s sons and other associates.
Democrats also cited reporting from The Wall Street Journal that the United Arab Emirates" national security adviser is a large investor.
A spokesman for World Liberty Financial said the company has complied with all requirements during the application process, including required disclosures.
"Democrats are playing politics and, with baseless lies, smearing a private American company undergoing a rigorous regulatory process," said spokesman David Wachsman.
The White House has previously denied that the Trump family"s crypto ties present a conflict of interest.
Gould said the licensing process is run by "superb" agency staff and its process is detailed in publicly available staff manuals.
"We process applications in a fair and evenhanded manner," he said during the congressional hearing.
A trust bank charter allows companies to manage and hold assets on behalf of customers and settle payments faster, but firms cannot take deposits or make loans. Several other crypto firms have received preliminary approval for such charters.
(Reporting by Pete Schroeder; Editing by Michelle Price and Andrea Ricci)