OCC: The procedural review of WLFI's application for a banking license will remain non-political

BlockBeats News, January 25 — The Office of the Comptroller of the Currency (OCC) stated that political or personal financial relationships will not influence the procedural review of the Trump family’s crypto project WLFI’s application for a banking license. Senator Elizabeth Warren, an anti-crypto advocate, called for a suspension of WLFI’s national trust bank license application unless the Trump family sells its shares in WLFI. The OCC has rejected Warren’s request.

OCC Comptroller Jonathan Gould responded to Warren in a letter, stating, “The OCC intends to fulfill this review responsibility rather than satisfy your request.”

For a long time, cryptocurrency companies have found it difficult to obtain a U.S. national trust bank license. However, a breakthrough was achieved last December when the OCC conditionally approved five digital asset institutions—Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets—to convert into federally chartered national trust banks.