Trump-Linked Crypto Firm Gets Conditional Approval Despite Conflict Concerns

The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval to World Liberty Trust Company, National Association, a limited-purpose national trust bank connected to World Liberty Financial. The crypto venture's co-founders include Eric Trump, Donald Trump Jr., and Barron Trump.

The OCC's decision, Corporate Decision #1385, outlines the bank's proposed activities, which include issuing World Liberty Financial's dollar-pegged stablecoin, USD1USD, to institutional clients nationwide. This role is currently held by BitGo Bank & Trust, National Association (BitGo).

Seven comments were submitted on the application, with four commenters expressing concerns about potential conflicts of interest involving President Donald J. Trump and his family, as well as United Arab Emirati investors in World Liberty Financial.

The OCC's response was jurisdictional rather than factual, stating that comments related to potential conflicts of interest or violations of law were outside the scope of their review.