Trump-Linked Crypto Firm Gets Preliminary Approval for Federal Bank Charter
The Office of the Comptroller of the Currency (OCC), led by Jonathan Gould, has granted preliminary approval to World Liberty Financial's application for a federal bank charter. This comes despite concerns from lawmakers and watchdogs about potential conflicts of interest.
World Liberty Financial is a crypto venture launched in 2024 by Donald Trump Jr. and Eric Trump, the president's two eldest sons, along with several partners. The firm is 38% owned by an entity affiliated with Donald J. Trump and his family members.
The OCC assessed WLF's application using career staff, but Senator Elizabeth Warren has expressed alarm about the decision, calling it 'the most brazen act of self-dealing our financial system has ever seen.'
The charter would allow World Liberty to directly issue its USD1 stablecoin and custody US dollar assets backing it, both currently handled by a business partner, BitGo.