Conditional approval for World Liberty Financial trust bank comes as Senator Warren introduces bill to prevent corruption. Trump family holds 38% equity.
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The US Office of the Comptroller of the Currency gave conditional approval Friday for World Liberty Financial to operate a national trust bank. The decision lets the Trump-family-affiliated company issue dollar-backed stablecoins and custody digital assets tied to its USD1 token.
The OCC said the charter would be granted under the name World Liberty Trust Company, National Association, subject to regulatory conditions. The approval came as ten Democratic senators signed onto a bill to "prevent corruption in banking applications," introduced by Senator Elizabeth Warren shortly after the OCC's notice.
Warren called the OCC's move "the most brazen act of self-dealing our financial system has ever seen." She and nine co-sponsors filed the Ending Presidential Corruption in Banking Act on Friday.
The conflict-of-interest accusations center on President Donald Trump's ties to World Liberty. The president and his three sons are affiliated with the company. World Liberty's website says a Trump family entity controls 38% of its equity. The head of the OCC, Jonathan Gould, was nominated by Trump in 2025.
Gould had previously said the application would be reviewed in an "apolitical and nonpartisan process" after a letter from Warren questioning the ethics of the review. In Friday's notice, the agency stated that "the Comptroller and staff acted consistently with their statutory duties and ethical obligations."
Under Gould and the Trump administration, the OCC has approved or conditionally approved multiple crypto trust charters. In December it greenlit applications from Circle, Ripple Labs, Crypto.com and Coinbase after Congress passed the GENIUS stablecoin bill.
Lawmakers have also called for investigations into World Liberty's ties to foreign entities. An Abu Dhabi investment company backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser, bought a 49% stake in World Liberty in January for $500 million. Another UAE entity, MGX, used World Liberty's USD1 stablecoin to invest $2 billion in crypto exchange Binance. Trump later pardoned former Binance CEO Changpeng Zhao.
A White House spokesperson has repeatedly said there are "no conflicts of interest" with Trump's investments.
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