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 affiliated with World Liberty Financial, which is 38% owned by an entity tied to President Donald Trump and his family. The charter allows the company to issue stablecoins in-house, reducing reliance on third-party providers like BitGo. The approval process requires additional steps, including capital raising. The OCC under Trump has seen a surge in bank charter applications, many from crypto projects. Democratic Senator Elizabeth Warren criticized the approval as an act of self-dealing, arguing it allows a sitting president to operate his own bank. Warren and colleagues plan to introduce legislation barring presidents and senior officials from owning or controlling banks. The OCC declined to comment.