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U.S. Senator Calls for Suspension of Trust Bank Application Linked to WLFI, Citing Unresolved Conflict of Interest at Donald Trump
Svmuu News: U.S. Senator Elizabeth Warren, the senior Democrat on the Senate Banking Committee, has called for a suspension of the application for a national trust bank charter related to World Liberty Trust Co. until Donald Trump divests his family’s holdings in the relevant digital asset business.According to reports, Warren has written to Jonathan Gould, Comptroller of the Currency, requesting that the application process be delayed while theDonald Trumpretains an interest in the matter. She pointed out that if the application is approved, rules established by regulators could directly impact the profitability of the President’s related businesses, creating a serious conflict of interest.Warren stated that Congress failed to address such issues when passing the GENIUS Act, and therefore the Senate has a responsibility to address these conflicts when considering legislation on the structure of the crypto market. Currently, the Senate Banking Committee is set to hold hearings on the relevant bill, but the latest leaked draft does not yet include the government ethics provisions previously requested by Democrats. (CoinDesk)
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