OCC Grants Conditional Approval for Trump-Backed Crypto Firm's Bank Charter

On August 14, the Office of the Comptroller of the Currency (OCC) granted World Liberty Trust Co., partially owned by the Trump family, preliminary conditional approval for a bank charter. This would allow the company to manage and hold assets on behalf of customers, settle payments faster, and directly issue its USD1 stablecoin.

The OCC's decision was met with criticism from Democrats, who argued that it poses a conflict of interest due to President Donald Trump's ownership stake in World Liberty Financial. The firm has already remitted $1.6 billion or more to the Trump family through April 2025, according to Reuters calculations.

Senator Elizabeth Warren called the approval 'the most brazen act of self-dealing our financial system has ever seen.' She vowed to introduce legislation to prevent presidents and senior government officials from owning or controlling banks. The charter does not permit deposit-taking or lending like traditional banks.