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

The US Office of the Comptroller of the Currency (OCC) has given conditional approval for World Liberty Financial's application for a national trust bank. This move comes despite concerns about potential conflicts of interest between World Liberty and the Trump family, who are affiliated with the company.

According to its application, World Liberty proposed issuing US dollar-backed stablecoins and custodying digital assets related to the $USD1 token. The OCC's approval is subject to certain regulatory and policy requirements.

Senator Elizabeth Warren has introduced legislation 'to stop this kind of unprecedented corruption', calling the OCC's move 'the most brazen act of self-dealing our financial system has ever seen'.