Trump-Backed Crypto Firm Gets Conditional Approval for Bank Charter

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

The Office of the Comptroller of the Currency (OCC) published its decision on August 14, saying it had granted conditional preliminary approval to World Liberty Trust Company's application for a national trust charter.

This would allow the company to manage and hold assets on behalf of customers and settle payments faster, but does not permit deposit-taking or lending like traditional banks.

The OCC noted that the charter is subject to conditions, including notifying the regulator of any major business plan changes and maintaining at least $20 million in capital.