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Trump Family Crypto Firm Wins Preliminary Approval for Bank Charter

Guavy AI Editorial Team
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World Liberty Financial (WLF), a crypto venture launched by Donald Trump Jr. and Eric Trump, has received preliminary approval for a federal bank charter from the Office of the Comptroller of the Currency (OCC). The OCC, led by Jonathan Gould, who was chosen by President Donald Trump, announced the decision in a letter published on Friday.

The WLF application was assessed by career OCC staff. World Liberty Financial's website states that it is 38% owned by an entity affiliated with Donald J. Trump and certain of his family members.

Senator Elizabeth Warren called the approval 'the most brazen act of self-dealing our financial system has ever seen.' The charter, if finalized, would allow WLF to directly issue its USD1 stablecoin and custody U.S. dollar assets backing it, both currently handled by business partner BitGo.

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