Trump family-linked crypto firm World Liberty gets conditional bank charter approval

Published Aug 14, 11:41 PM UTC

The Office of the Comptroller of the Currency (OCC) has conditionally approved a national trust bank charter for World Liberty Trust Co., a firm sponsored by World Liberty Financial, which is 38% owned by an entity affiliated with President Donald Trump and his family. The charter will allow the company to issue stablecoins in-house, reducing reliance on third parties like BitGo. The approval has drawn sharp criticism from Democratic lawmakers, including Senator Elizabeth Warren, who called it an act of self-dealing and announced plans to introduce legislation preventing presidents and senior officials from owning or controlling banks. The OCC, under Trump, has seen a surge in bank charter applications, many tied to crypto projects. The charter process requires additional steps, including capital raising, before finalization.