OCC Approves Trump-Tied Crypto Bank Charter Amid Conflict of Interest Concerns

The Office of the Comptroller of the Currency (OCC) has granted conditional approval to World Liberty Trust Co., a company tied to President Donald Trump's family, for a national trust bank charter. This decision allows World Liberty to operate as a chartered trust bank under federal oversight, despite objections from Democrats and watchdog groups.

The OCC approved World Liberty's application on Friday, but the company still needs to clear additional steps before receiving final approval. The conditional approval lets World Liberty manage its USD1 stablecoin directly, issue and redeem the token, and offer digital asset custody services without relying on an outside partner.

World Liberty is 38% owned by an entity affiliated with Donald Trump and his family, who also hold 22.5 billion of the company's governance tokens. President Trump disclosed nearly $600 million in income from World Liberty token and equity sales in 2025, part of a total $1.4 billion in crypto-related earnings.

Senator Elizabeth Warren called the approval 'the most brazen act of self-dealing our financial system has ever seen' and is pushing legislation to block similar deals. The OCC's decision has raised concerns about conflicts of interest and the potential for favoritism towards companies tied to the president's family.