World Liberty Financial, the cryptocurrency company affiliated with President Donald Trump’s family, has received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency. The preliminary approval requires World Liberty Trust Company to meet specific preopening requirements, including hiring a qualified internal audit manager and maintaining at least $20 million in capital. The charter would allow WLF to manage client assets and custody services, potentially consolidating issuance of its USD1 stablecoin under federal supervision. Senator Elizabeth Warren strongly criticized the move, calling it an unprecedented act of self-dealing. Additionally, WLF transferred 25.729 million WLFI tokens to Gate, while Trump Media & Technology Group abandoned its crypto expansion plans.
World Liberty Financial, the Trump family-affiliated cryptocurrency company, has received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC). According to a letter dated August 14, World Liberty Trust Company must meet several regulatory requirements before final approval is granted.
The company needs to hire a qualified internal audit manager, keep at least $20 million in capital, and inform the OCC of significant business plan changes. The OCC stated, “This preliminary conditional approval is granted based on a thorough evaluation of all information available to the OCC.” It added that final approval won’t be granted until the company meets additional “preopening requirements.”
Rather than a conventional commercial banking license, World Liberty aims for a national trust bank charter. This would allow it to hold and manage client assets, offer custody services, control reserves, and help with settlements — without accepting deposits or making conventional loans.
For World Liberty’s dollar-backed stablecoin USD1, the charter may be particularly significant. If approved, the trust would consolidate USD1 issuance, custody, and reserve management under a single federally supervised organization, potentially reducing dependency on partners like BitGo. A national charter might also increase USD1’s attractiveness to institutional clients by providing a recognizable regulatory framework.
The move has drawn criticism due to World Liberty’s ties to Trump. Senator Elizabeth Warren of Massachusetts, who had previously urged the OCC to reject the application unless the president sold his stake, argued, “President Trump is now the first President in history to approve, operate, and supervise his own bank.” She called it “the most brazen act of self-dealing our financial system has ever seen.”
Meanwhile, World Liberty transferred 25.729 million WLFI tokens to Gate, sparking concerns about ongoing token distribution. Separately, Trump Media & Technology Group, the parent company of Truth Social, has abandoned its plans to expand its cryptocurrency business.
