Key facts
- The OCC conditionally approved World Liberty Financial's application to operate as a national trust bank.
- World Liberty Financial will operate as World Liberty Trust Company, National Association.
- Concerns were raised about potential conflicts of interest related to President Donald Trump's family.
- ByteDance and the Motion Picture Association agreed on AI copyright safeguards.
- The agreement covers ByteDance's AI video and image-generation models.
- Smack Technologies is raising $61 million in Series B funding.
- The funding will accelerate AI hardware production and develop wearable AI for the military.
- Pentagon pressure for diverse AI vendors increased demand for companies like Smack.
- A Hong Kong firm is investing in Chinese open-weight large language models.
- The firm aims to compete with AI infrastructure providers like CoreWeave.
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval to World Liberty Financial for its application to operate as a national trust bank. The company will now operate as World Liberty Trust Company, National Association. This decision comes despite concerns regarding potential conflicts of interest associated with President Donald Trump's family. The OCC's conditional approval allows the firm to proceed with its banking operations.
In the realm of artificial intelligence, ByteDance and the Motion Picture Association have reached an agreement to enhance copyright protections for the Chinese company's AI video and image-generation models. This pact addresses concerns over the use of intellectual property in AI-generated content. Separately, defense technology startup Smack Technologies is securing $61 million in Series B funding. This capital infusion is intended to accelerate the production of AI hardware and the development of wearable AI systems for military applications. The Pentagon's initiative to foster a wider range of AI vendors, particularly after designating Anthropic for supply-chain risk, has reportedly increased demand for companies like Smack.
Further diversifying the AI landscape, a Hong Kong-based company is making investments in Chinese open-weight large language models. This strategic move aims to establish a competitive offering against established AI infrastructure providers such as CoreWeave. The strategy hinges on capitalizing on the swift advancements and accessibility of AI models developed in China.