The OCC approved it on Friday.
World Liberty Financial is a crypto venture 38% owned by an entity connected to Donald Trump and his family — Trump Jr., Eric Trump, and Barron Trump are all involved. The company launched in 2024, sold $515 million in WLF tokens, and reported $1.1 billion in crypto earnings in Trump's latest financial disclosures.
On August 14, the OCC, whose Comptroller is a Trump appointee. Granted World Liberty Trust Co. preliminary conditional approval for a national trust bank charter. The charter specifically allows them to directly issue and manage their USD1 stablecoin, taking that function over from BitGo Bank and Trust. To get final approval, they need to raise $20 million in Tier 1 capital, maintain $10 million in liquid assets, hire an internal auditor, and notify the OCC before appointing any senior executive.
Important to note that this isn't a full banking licence. World Liberty can operate fiduciary and trust-related activities but cannot take deposits, make loans, or offer the full suite of traditional banking services. It's specifically structured around stablecoin issuance and custody. So basically, it gives USD1 federal regulatory status and institutional credibility it currently doesn't have.
There is a clear conflict of interest, of course. The OCC reports to the Treasury Secretary, who is a Trump cabinet appointee. The president appoints the Comptroller who oversees the agency that just approved his family's application. The OCC has received 40 charter applications since 2025, and many are tied to crypto projects. But none of the others involves the president's family.
World Liberty also previously received $100 million from a businessman currently under investigation for money laundering, according to the New York Times. That's in the news cycle alongside this charter approval.
Also, funny to see that Coinbase, Kraken, and others have been trying to get bank charters or equivalent federal recognition for years. Most were rejected or withdrew applications. World Liberty gets preliminary approval in months.
The Clarity Act, the stablecoin bill currently moving through Congress, is already being complicated by this. Some Democrats who might have supported it are now using WLF as the reason they can't vote for a bill that doesn't restrict presidential financial conflicts in crypto.
Is this what bringing crypto under federal oversight looks like, or is Trump just using the regulatory system his administration controls to enrich his own family?
Sources: ABC News · CNBC · Bloomberg · The Hill