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OCC approves Trump family crypto company for trust charter
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The US Office of the Comptroller of the Currency (OCC) conditionally approved World Liberty Financial's national trust bank charter, allowing the Trump-affiliated crypto firm to operate as World Liberty Trust Company, National Association. The Friday notice is subject to regulatory and policy requirements. The company plans to issue US dollar-backed stablecoins and custody digital assets tied to its USD1 token.
The approval raised conflict-of-interest concerns because President Donald Trump and three sons are affiliated with the company, and a Trump entity controls 38% of its equity. OCC Comptroller Jonathan Gould, a Trump nominee, had pledged an apolitical review. Senator Elizabeth Warren had earlier questioned the process.
Under Gould, the OCC has approved multiple crypto trust charters, including Circle, Ripple Labs, Crypto.com, and Coinbase in December. The agency said it acted consistent with statutory and ethical duties. World Liberty's application includes stablecoin issuance and digital asset custody.
The decision lets a politically connected firm enter regulated banking, intensifying ethics debates. Critics say it may set a precedent for self-dealing, especially with stablecoin legislation like the GENIUS bill advancing. Supporters see it as normalizing crypto banking.
Warren denounced the approval as "the most brazen act of self-dealing our financial system has ever seen." She and nine Democrats introduced the Ending Presidential Corruption in Banking Act. A White House spokesperson has said there are "no conflicts of interest" with Trump's investments.
Lawmakers are investigating World Liberty's foreign ties, including a reported $500 million stake by an Abu Dhabi firm tied to UAE security adviser Sheikh Tahnoon. UAE's MGX used USD1 for a $2 billion Binance investment, and former Binance CEO Changpeng Zhao received a presidential pardon. The charter's long-term impact remains uncertain.
