U.S. Bank Regulator Gives Conditional Charter to Trump-Linked Crypto Firm

The Office of the Comptroller of the Currency (OCC) issued a conditional approval on Friday for World Liberty Trust Co. to obtain a bank charter, permitting the firm to issue a stablecoin tied to the U.S. dollar. The trust is 38% owned by an entity affiliated with former President Donald J. Trump and members of his family, according to the company’s website.

The approval enables World Liberty Financial, the sponsor of the trust, to replace its previous reliance on third-party crypto provider BitGo and directly issue the digital currency to clients. The OCC said the charter will become final only after the company meets conditions such as increasing its capital.

Democratic lawmakers have raised concerns about potential conflicts of interest. Senator Elizabeth Warren, ranking member of the Senate Banking Committee, wrote to the OCC urging it to halt the approval, stating that the president would be overseeing a financial company in which his family holds a stake. She described the move as “the most brazen act of self-dealing our financial system has ever seen” and announced plans to introduce legislation to address the issue.

White House spokeswoman Anna Kelly responded that the president’s assets are held in a blind trust managed by his children and asserted that no conflict of interest exists.

World Liberty Financial has reported significant early revenue, with the Trump family’s crypto ventures generating more than $1.4 billion in business revenue, according to disclosed financial statements. The firm also disclosed a $2 billion investment from Abu Dhabi-based MGX and a partnership with Binance to use its USD-pegged stablecoin for large transactions.

The OCC maintained that its staff reviewed the application in line with statutory duties and ethical obligations, and that the preliminary approval follows established policies and procedures.