Key facts
- World Liberty Financial is reportedly close to receiving federal trust charter approval from the OCC.
- The national trust bank license would allow the firm to issue and redeem its USD1 stablecoin, manage reserves, and custody.
- The OCC is considering announcing its decision on the national bank charter application.
- The application has faced dispute from Senators and banking groups due to conflicts of interest and national security concerns.
- The Trump family has reportedly made over $2.3 billion in profits from crypto projects, with World Liberty Financial accounting for the largest share.
World Liberty Financial, a cryptocurrency firm reportedly backed by Donald Trump's family, is nearing approval for a national trust bank license from the U.S. Office of the Comptroller of the Currency (OCC). The proposed World Liberty Trust Company would oversee the issuance, redemption, custody, and reserve management of its USD1 stablecoin, and facilitate on and off-ramps for institutional adoption.
The application has drawn scrutiny from lawmakers and banking groups, with concerns raised about potential conflicts of interest and national security. Senator Elizabeth Warren has urged the OCC to delay its review, and the House of Representatives has launched a probe into the USD1 stablecoin.
Despite the controversy, sources suggest the approval is nearly guaranteed. The OCC has previously granted federal charters or conditional approvals to other digital asset companies, including Circle and Ripple. The Trump family has reportedly profited significantly from crypto projects, with World Liberty Financial representing a substantial portion of those earnings.