Trump-Linked Crypto Venture Receives Conditional Bank Charter Approval
World Liberty Financial, a crypto venture linked to Donald Trump, has received conditional approval for a bank charter from the Office of the Comptroller of the Currency.
The Office of the Comptroller of the Currency has granted conditional approval for a bank charter to World Liberty Financial, a crypto venture linked to Donald Trump. This move allows the company to establish a national trust bank purpose-built for stablecoin operations.
World Liberty Financial was launched in 2024 by President Trump's three sons. The president is named as "co-founder emeritus" of the venture and declared a personal income of $57.3 million from it for 2024, according to the Financial Times.
The bank charter would enable World Liberty Financial to issue and custody USD1, a dollar-backed stablecoin that the company launched last year. According to Zach Witkoff, World Liberty Trust president and chairman, this charter would bring USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations.
### Conditional Approval and Regulatory Scrutiny
The conditional approval granted to World Liberty Financial is subject to ongoing scrutiny from Federal regulators. This scrutiny is expected to continue for many years to come, as stated by Zach Witkoff. The company must meet specific standards and requirements to maintain its bank charter.
### Stablecoin Operations and USD1
World Liberty Financial's bank charter would enable the company to issue and custody USD1, a dollar-backed stablecoin. This stablecoin was launched by the company last year. The charter would bring USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations.
### Background on World Liberty Financial
World Liberty Financial is a crypto venture launched in 2024 by President Trump's three sons. The president is named as "co-founder emeritus" of the venture and declared a personal income of $57.3 million from it for 2024, according to the Financial Times. The company's bank charter would enable it to establish a national trust bank purpose-built for stablecoin operations.
### Key Figures and Roles
- Zach Witkoff: World Liberty Trust president and chairman - Donald Trump: Co-founder emeritus of World Liberty Financial - President Trump's three sons: Founders of World Liberty Financial
