Trump-Backed Crypto Firm Gets Preliminary Approval for National Bank Charter
World Liberty Financial, the cryptocurrency company launched by President Donald Trump and his sons, has received preliminary conditional approval from federal banking regulators to establish a national trust bank.
The approval from the Office of the Comptroller of the Currency is a major step for the company, although final approval depends on meeting additional conditions. The proposed bank would not be permitted to take deposits or make loans, but it would allow World Liberty to handle certain functions involving USD1, its dollar-backed stablecoin.
USD1 has more than $4 billion in circulation, according to the company. World Liberty Financial was launched by Trump and his sons in 2024, shortly before Trump won the presidential election. Trump later appointed several cryptocurrency-friendly regulators to federal agencies.
The preliminary approval has drawn criticism from ethics watchdogs and Democratic lawmakers, who argue that the arrangement creates potential conflicts because the president and his family have financial interests in the company.