OCC conditionally approves Trump family-linked crypto firm World Liberty Financial's trust bank charter application
2026-08-17 21:32
Odaily Planet Daily News The Office of the Comptroller of the Currency (OCC) has conditionally approved World Liberty Financial's application for a national trust bank charter, subject to regulatory and policy requirements. Upon approval, the company may operate under the name World Liberty Trust Company, National Association.
World Liberty Financial's application documents show that the bank plans to issue USD-backed stablecoins and custody digital assets related to its USD1 token. U.S. President Donald Trump and his three sons are all affiliated with the company, with Trump family entities holding a 38% stake.
Senator Elizabeth Warren, along with nine other senators, introduced the Terminating Presidential Banking Corruption Act following the approval. Elizabeth Warren stated that the OCC's move represents one of the most blatant conflicts of interest in the U.S. financial system.
In January 2025, an Abu Dhabi investment company backed by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan purchased a 49% stake in World Liberty for $500 million. Another UAE entity, MGX, previously used USD1 to invest $2 billion in Binance. (Cointelegraph)
World Liberty Financial's application documents show that the bank plans to issue USD-backed stablecoins and custody digital assets related to its USD1 token. U.S. President Donald Trump and his three sons are all affiliated with the company, with Trump family entities holding a 38% stake.
Senator Elizabeth Warren, along with nine other senators, introduced the Terminating Presidential Banking Corruption Act following the approval. Elizabeth Warren stated that the OCC's move represents one of the most blatant conflicts of interest in the U.S. financial system.
In January 2025, an Abu Dhabi investment company backed by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan purchased a 49% stake in World Liberty for $500 million. Another UAE entity, MGX, previously used USD1 to invest $2 billion in Binance. (Cointelegraph)
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