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Trump-Linked Crypto Venture Wins Preliminary Federal Bank Charter Approval Amid Controversy

Guavy AI Editorial Team
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World Liberty Trust Company, affiliated with President Donald Trump's crypto venture World Liberty Financial, has received preliminary federal bank charter approval from the Office of the Comptroller of the Currency (OCC). The company aims to assume USD1 stablecoin issuance responsibilities from BitGo Bank and Trust.

The $4 billion market capitalization of USD1 makes it the fourth-largest stablecoin globally. World Liberty Trust Company intends to provide fiduciary services and trust company operations related to its USD1 stablecoin product, as well as digital asset custody solutions for institutional clients.

However, the regulatory approval has triggered opposition from Democratic legislators, led by Senator Elizabeth Warren. She plans to introduce the 'Ending Presidential Corruption in Banking Act' to prohibit senior government officials from owning or controlling banking institutions.

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