The US Office of the Comptroller of the Currency conditionally approved World Liberty Financial’s application for a national trust bank charter, allowing the company to operate as World Liberty Trust Company, National Association, subject to regulatory and policy requirements. World Liberty’s proposed bank would issue US dollar-backed stablecoins and custody digital assets associated with its USD1 token. The approval has drawn criticism from lawmakers over potential conflicts of interest involving US President Donald Trump and his family, while Senator Elizabeth Warren and nine other senators introduced legislation seeking to restrict presidential involvement in banking applications.
OCC Grants Conditional Approval to World Liberty
The US Office of the Comptroller of the Currency has conditionally approved World Liberty Financial’s application for a national trust bank charter, giving the Trump family-linked crypto company a regulatory path toward establishing a federally chartered trust institution.
According to the OCC notice, the company would operate under the name World Liberty Trust Company, National Association.
The conditional approval remains subject to regulatory and policy requirements imposed by the OCC.
World Liberty’s application proposed using the bank to issue US dollar-backed stablecoins and provide custody services for digital assets associated with its USD1 token.
The approval represents another step in the expansion of World Liberty’s cryptocurrency operations into regulated financial infrastructure.
Trump Family Connections Draw Scrutiny
The OCC’s decision comes amid continued scrutiny over World Liberty Financial’s connections to President Donald Trump and his family.
Trump and his three sons are affiliated with the company, while World Liberty’s website has stated that a Trump family entity controls approximately 38% of the company’s equity interests.
The OCC also faced questions because its Comptroller, Jonathan Gould, was nominated by Trump in 2025.
The agency said that the Comptroller and OCC staff acted consistently with their statutory duties and ethical obligations during the application process.
Gould had previously said that World Liberty’s application would be reviewed through an apolitical and nonpartisan process following concerns raised by Senator Elizabeth Warren.
Warren Introduces Banking Corruption Bill
Warren criticized the OCC’s conditional approval following the announcement.
The Massachusetts senator said she had introduced legislation intended to prevent what she described as an unprecedented form of corruption involving banking applications.
Warren and nine other senators introduced the Ending Presidential Corruption in Banking Act following the OCC decision.
The legislation reflects broader congressional concerns over whether presidential financial interests could create conflicts when companies connected to a sitting president seek regulatory approvals from federal financial agencies.
The dispute is likely to keep attention focused on the relationship between political influence, financial regulation and the rapidly expanding cryptocurrency industry.
Crypto Firms Continue Seeking Trust Charters
World Liberty’s conditional approval comes as the OCC has increasingly approved or conditionally approved applications from cryptocurrency companies seeking to operate under trust-bank structures.
The regulatory push has accelerated alongside the development of the US stablecoin market and the passage of the GENIUS stablecoin legislation.
The OCC previously approved applications involving several major cryptocurrency companies, including Circle, Ripple Labs, Crypto.com and Coinbase.
Trust charters can provide crypto companies with a regulated structure for services such as digital-asset custody and stablecoin-related activities while potentially reducing reliance on traditional banking partners.
World Liberty’s proposed structure would place its USD1 stablecoin and related digital-asset services within a federally regulated framework.
World Liberty’s UAE Connections Face Scrutiny
World Liberty’s international relationships have also attracted attention from US lawmakers.
An Abu Dhabi investment company backed by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser, reportedly acquired a 49% stake in World Liberty for $500 million in January 2025.
World Liberty’s USD1 stablecoin has also been used by UAE-based investment firm MGX in connection with a $2 billion investment in cryptocurrency exchange Binance.
The transactions have prompted questions from lawmakers over whether foreign entities could gain influence through financial relationships with a company connected to the Trump family.
The White House has repeatedly rejected claims of conflicts of interest involving Trump’s investments.
Stablecoins Move Deeper Into Traditional Finance
The OCC’s decision illustrates the broader convergence between cryptocurrency infrastructure and the traditional banking system.
Stablecoin issuers and crypto companies are increasingly seeking regulated banking structures that can support custody, payments and dollar-backed digital assets.
For World Liberty, obtaining a national trust charter could provide a foundation for expanding USD1-related services while placing parts of its operations under federal banking supervision.
However, the political controversy surrounding the application demonstrates that regulatory approval alone may not resolve concerns over governance and potential conflicts of interest.
Closing Insights
The OCC’s conditional approval gives World Liberty Financial a path toward operating a federally chartered national trust bank while expanding its stablecoin and digital-asset custody ambitions. At the same time, the decision places the company at the center of an increasingly contentious debate over the intersection of cryptocurrency, banking regulation and presidential financial interests. World Liberty’s proposed USD1-focused banking operations could benefit from a regulated structure as stablecoins become more integrated into the financial system, but congressional scrutiny over the company’s Trump family connections and foreign relationships is likely to remain a significant factor as the charter process develops.
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