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Trump Family's Crypto Venture Gets Conditional OCC Approval for National Trust Bank Charter

Guavy AI Editorial Team
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The Office of the Comptroller of the Currency (OCC) has granted World Liberty Trust Co. conditional preliminary approval to operate as a national trust bank. This decision benefits a venture in which the Trump family holds a significant ownership stake.

World Liberty Trust is a subsidiary of World Liberty Financial, co-founded by Donald Trump Jr., Eric Trump, and Barron Trump, with their father listed as 'co-founder emeritus.' The 38% ownership stake in World Liberty Financial is held through an entity affiliated with the Trump family.

The national trust bank charter allows World Liberty Trust to issue and custody the USD1 stablecoin under federal oversight. This approval was handed down on August 14, roughly seven months after World Liberty Financial submitted its application in January.

Senator Elizabeth Warren has raised concerns about the OCC's independence given the administration's influence over its leadership, creating a conflict-of-interest problem.

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