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OCC Approves Trump-Linked Crypto Company's Trust Charter Amid Controversy

Guavy AI Editorial Team
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The US Office of the Comptroller of the Currency (OCC) has approved World Liberty Financial's application for a national trust bank charter, despite controversy over potential conflicts of interest. The company is affiliated with the Trump family and plans to issue US dollar-backed stablecoins.

World Liberty's website shows that a Trump family entity controls 38% of the company's equity interests, raising concerns about influence on policy. Senator Elizabeth Warren called the approval 'the most brazen act of self-dealing our financial system has ever seen' and introduced legislation to stop it.

The OCC has approved or conditionally approved applications from several crypto companies seeking trust charters, including Circle, Ripple Labs, Crypto.com, and Coinbase. World Liberty's UAE ties are also under scrutiny, with an Abu Dhabi investment company purchasing a 49% stake in the company for $500 million.

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