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Trump-Linked Crypto Firm Gets Conditional Bank Approval Amid Self-Dealing Claims

Guavy AI Editorial Team
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World Liberty Financial, a cryptocurrency platform co-founded by members of the Trump family, has secured conditional approval from the Office of the Comptroller of the Currency (OCC) to launch a national trust bank charter through World Liberty Trust Co. The firm aims to issue stablecoins directly, reducing its reliance on third-party provider BitGo.

The OCC posted the approval letter on its website, noting that World Liberty Financial is 38% owned by an entity linked to President Donald Trump and his family. The charter's approval comes with conditions, requiring the firm to raise capital and complete additional regulatory steps before it takes full effect.

Sen. Elizabeth Warren (D-Mass.) has criticized the move, calling it 'the most brazen act of self-dealing our financial system has ever seen.' She plans to introduce legislation that would bar such arrangements, which she claims enable corruption.

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