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Trump-Linked Crypto Firm Clears Hurdle for Federal Bank Charter

Guavy AI Editorial Team
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The Office of the Comptroller of the Currency (OCC), led by Jonathan Gould, granted preliminary approval to World Liberty Financial's application for a federal bank charter. This decision allows WLF, a crypto venture launched in 2024 by Donald Trump Jr. and Eric Trump, to operate as a national trust bank with the title of World Liberty Trust Company, National Association.

The OCC assessed WLF's application using career staff and determined that it meets certain regulatory and policy requirements. However, lawmakers and watchdogs have expressed concerns about potential conflicts of interest due to the involvement of the Trump family.

Senator Elizabeth Warren called this decision 'the most brazen act of self-dealing our financial system has ever seen.' WLF plans to use this charter to issue its own USD1 stablecoin, which is currently handled by a business partner, BitGo.

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