Trump-Backed World Liberty Financial Nears OCC Approval for Federal Trust Charter
Trump-backed crypto project World Liberty Financial is close to receiving a federal trust banking charter from the Office of the Comptroller of the Currency (OCC). The approval would allow it to operate as a national trust bank, though it has sparked concerns over potential conflicts of interest involving President Trump.
Path to OCC Approval
According to a NOTUS report, OCC head Jonathan Gould is expected to approve World Liberty Financial’s application soon. Two former OCC staffers told the outlet that rejection is “inconceivable.”
The company filed for the charter in January after setting up a U.S. trust company. This comes after the OCC granted similar approvals to crypto firms like Circle, Ripple, and BitGo.
Key Benefits of the Charter
The federal trust bank charter would let World Liberty Financial:
- Issue and redeem its USD1 stablecoin
- Manage reserves and provide digital asset custody
- Offer conversion and settlement services under one federal regulator
This move would reduce reliance on state regulations, boost credibility with U.S. institutions, and remove the need for third-party intermediaries like BitGo.
Political Scrutiny and Conflicts of Interest
The anticipated approval has raised strong concerns. Trump and his family hold major stakes in World Liberty Financial. They co-founded it before the 2024 election, and 75% of proceeds from its native token sale go to a Trump-controlled entity.
Reports estimate the Trump family has earned over $2.3 billion from crypto ventures since Trump’s second term began. The project also faces questions over a reported $500 million UAE investment and a linked Binance deal.
