Trump-Linked Crypto Business Gets Conditional Approval for Bank Charter
A trust company affiliated with World Liberty Financial, a crypto business founded by President Trump's sons in 2024, has received preliminary approval to establish a bank charter.
The Treasury Department's Office of the Comptroller of the Currency (OCC) granted conditional approval to World Liberty Trust Company on Friday. This would allow it to issue and manage its own stablecoins without relying on a middleman.
World Liberty Financial is 38% owned by 'an entity affiliated with Donald J. Trump and certain of his family members,' according to the company's website. Critics, including Sen. Elizabeth Warren, have raised concerns about potential conflicts of interest.
A spokesperson for World Liberty said its trust company's national charter will ensure 'robust and permanent regulatory supervision' from the OCC, a federal banking regulator that will outlast the Trump administration.