OCC grants preliminary approval to Trump-linked crypto bank

World Liberty Trust, tied to Donald Trump, received OCC approval to launch a national trust bank for the USD1 stablecoin, pending final regulatory steps.

The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for a national trust bank charter to World Liberty Trust Company, a crypto venture linked to Donald Trump and his family. This approval allows World Liberty to form a legal entity and prepare to operate as a national trust bank, focusing on the issuance and custody of its USD1 stablecoin. The company will also provide asset management and payment settlement services for institutional clients. The charter does not permit traditional banking activities such as accepting deposits or issuing loans. World Liberty plans to take over the issuance, redemption, and reserve management of USD1 from BitGo. The company must maintain at least $20 million in tier 1 capital and has 18 months to launch the bank. The OCC emphasized that final approval depends on meeting preopening conditions and passing an examination. The decision has sparked debate over potential conflicts of interest due to the Trump family's involvement, but the OCC stated that the review was conducted by career staff and that the bank will face strict oversight.