Key facts
- The OCC conditionally approved World Liberty Financial's application for a national trust bank charter.
- World Liberty Financial has ties to President Donald Trump's family, with an entity holding a 38% equity stake.
- The firm partners with WorldClaw, a Hong Kong-based AI platform offering 43 AI models from Chinese companies flagged by the U.S.
- Senator Elizabeth Warren criticized the approval and introduced legislation to prevent perceived conflicts of interest.
- An Abu Dhabi investment company purchased a 49% stake in World Liberty Financial in January 2025 for $500 million.
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval for World Liberty Financial's application to operate as a national trust bank, to be known as World Liberty Trust Company, National Association. This decision faces criticism due to the company's affiliations with President Donald Trump's family and its partnership with WorldClaw, a Hong Kong-based AI venture.
World Liberty Financial, where a Trump family entity holds a 38% equity stake, plans to issue U.S. dollar-backed stablecoins and custody digital assets, including its USD1 token. The OCC stated its staff acted consistently with statutory duties. However, Senator Elizabeth Warren criticized the move as "brazen self-dealing" and introduced legislation, the Ending Presidential Corruption in Banking Act, with nine other senators to prevent such perceived conflicts.
World Liberty Financial's partnership with WorldClaw involves offering approximately 90 AI models, 43 of which are developed by Chinese firms like Alibaba, Baidu, and Z.ai, some of which have faced U.S. restrictions. WorldClaw accepts World Liberty's USD1 stablecoin as payment, creating a revenue stream for the Trump family. A White House spokesperson stated there are no conflicts of interest. An Abu Dhabi investment company reportedly purchased a 49% stake in World Liberty in January 2025 for $500 million.