The U.S. Office of the Comptroller of the Currency (OCC) has rejected a request from Senator Elizabeth Warren and will review a bank charter application from crypto firm World Liberty Financial (WLF), which is linked to U.S. President Donald Trump's family, under existing regulatory standards, Cointelegraph reported on Friday.
Jonathan Gould (조너선 굴드), who heads the OCC, stressed that it would conduct a thorough review regardless of political or personal interests, and dismissed Warren's demand.
WLF is a crypto company founded by President Trump and his sons, Eric and Donald Trump Jr. It applied to the OCC for a bank charter on Jan. 7. It plans to handle issuance, custody and exchange functions for its USD1 stablecoin in-house. USD1 is currently operated through third-party firms such as BitGo.
It is rare for a crypto company to obtain a bank charter, but Cointelegraph said the boundary between traditional finance and the crypto industry is gradually eroding after Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos received conditional approval from the OCC in December last year.
Chi-gyu Hwang
delight@d-today.co.kr