Trump-Backed Crypto Venture Wins Conditional US Bank Charter Approval

World Liberty Financial, a Donald Trump-backed cryptocurrency venture, has received conditional approval for a national trust bank charter from the US Office of the Comptroller of the Currency. The company will be able to issue its USD1 stablecoin, manage its reserves and provide digital asset custody services under the charter.

The OCC granted the charter to World Liberty Trust Company, which is sponsored by World Liberty Financial and has been established by Trump's three sons alongside members of Steve Witkoff's family. The company will be subject to conditions including maintaining at least $20 million in capital and notifying the regulator of significant changes to its business plan.

World Liberty Financial has rejected conflict-of-interest allegations, stating that Trump is not involved in managing the company and none of its leaders or employees work for the federal government. The OCC said its application was reviewed by career staff and that comptroller Jonathan Gould and agency staff acted consistently with their statutory duties and ethical obligations.

The approval has drawn criticism from Democrats and government ethics advocates, who argue that Trump's financial interests in the venture create a conflict of interest.