US regulator may share World Liberty bank application with lawmakers

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)

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