Trump-Linked Crypto Firm Wins Conditional Approval for National Bank Charter
A cryptocurrency platform co-founded by members of the Trump family has secured conditional approval from a federal regulator for a national trust bank charter. World Liberty Financial (CRYPTO: WLFI), which is 38% owned by an entity linked to President Donald Trump and his family, plans to issue stablecoins directly through its subsidiary World Liberty Trust Co.
The Office of the Comptroller of the Currency (OCC) posted the approval letter on its website, but emphasized that the charter is conditional and not final. World Liberty must still raise capital and complete additional regulatory steps before the charter takes full effect.
Stablecoins are digital currencies pegged to assets like U.S. Treasuries and redeemable one-to-one for dollars. This approval marks a significant development in the firm's broader expansion plans, which have hit turbulence recently. World Liberty had reportedly delayed a token tied to a Trump-branded Maldives resort due to disruptions caused by the Iran war.
Senator 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 barring 'this kind of unprecedented corruption.'