Trump-Linked Crypto Firm Gets Conditional Approval for Trust Bank Charter

World Liberty Financial, a crypto venture co-founded by President Donald Trump, has received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC). This decision allows World Liberty to move forward in building a trust bank for issuing its USD1 stablecoin. The OCC's review process took 221 days, nearly twice as long as the 120 days advertised by Trump-appointed Comptroller Jonathan Gould.

The approval is significant because it enables World Liberty to take over issuance and custody of USD1 from BitGo Bank and Trust. The trust company will provide digital asset custody services as a fiduciary primarily to USD1 customers and other institutional clients. World Liberty's USD1 stablecoin has reached over $4 billion in circulation, according to the company.

However, not everyone is pleased with this development. Americans for Financial Reform Education Fund, a consumer nonprofit lobbying group, published a statement opposing the conditional approval. They argue that World Liberty will not fulfill the fiduciary requirement for trust bank charters due to its business relationships with convicted money-launderers and foreign investors.

The OCC has responded to conflict of interest concerns by stating that career staff reviewed the application in accordance with established policies and procedures. As a condition for approval, World Liberty Trust Company must maintain a minimum of $20 million in tier 1 capital with at least 50% of it in eligible liquid assets.