Warren Targets Trump's Crypto Bank in New Ethics Bill

Warren delivered a sharp critique on the Senate floor Monday, labeling the approval of a federal bank charter for the president’s crypto venture as a historic act of self-dealing. The Office of the Comptroller of the Currency, currently led by a Trump appointee, granted the charter to World Liberty Financial, a firm where the Trump family maintains a 38.25% stake. An investment fund linked to the United Arab Emirates holds a 49% interest in the same venture.

The senator warned that the bank provides a mechanism for foreign entities to funnel money to the president under the guise of financial transactions. She cited a 2024 instance where the UAE-backed fund MGX invested $2 billion in Binance using the president’s USD1 stablecoin, a move she suggested was tied to the subsequent pardon of the exchange's founder. Warren further questioned the leadership of the new bank, specifically noting that president Zachary Witkoff—son of Middle East envoy Steve Witkoff—lacks any senior banking experience.

While Republicans argue their proposed Digital Asset Market Clarity Act will establish needed oversight, Warren contends the bill is designed to shield the president from accountability. She urged colleagues to reject the GOP offer, arguing it prioritizes the enrichment of crypto interests over public ethics, and instead support her measure to revoke the charter and curb presidential financial influence.