OCC Greenlights Bank Charter for Trump-Backed Crypto Company World Liberty Financial

A US regulator has conditionally approved a bank charter application for World Liberty Financial, a crypto company backed by former President Donald Trump and his family.

The Office of the Comptroller of the Currency (OCC) published a letter granting conditional preliminary approval for World Liberty Trust Company's national trust charter, which was applied for in January.

The charter would allow World Liberty to manage and hold assets on behalf of customers, settle payments faster, and directly issue its stablecoin, USD1. The company currently handles these tasks through a business partner, BitGo.

World Liberty's president and chairman, Zach Witkoff, welcomed the conditional approval, calling it a 'milestone' in the company's efforts to open a bank.