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OCC Grants Trump-Linked Crypto Firm Preliminary Banking Charter
OCC approved World Liberty Financial for a national charter. Sen. Warren calls it 'brazen self-dealing'. Trump's crypto earnings hit $1.1B.
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American regulators granted a preliminary national banking charter to World Liberty Financial, a cryptocurrency company tied to President Donald Trump's family. The Office of the Comptroller of the Currency issued the conditional approval Friday, Aug. 14.
WLF, led in part by the president's older sons, plans to issue dollar-backed stablecoins and handle customer redemptions. The OCC's decision says WLF will operate "in a nonfiduciary capacity" for stablecoin issuance and reserve maintenance. It will also provide digital asset custody as a fiduciary and conversion services for clients holding crypto. The charter prohibits the firm from making loans or taking direct deposits.
The OCC's decision comes as Congress debates the CLARITY Act, a bill that would set rules for crypto markets. Democrats want language barring government officials from profiting off the industry while in office. Trump's financial disclosure in June showed he made more than $1.1 billion last year from crypto-related projects.
Sen. Elizabeth Warren, D-Mass., called the OCC's decision "the most brazen act of self-dealing our financial system has ever seen." She said she is introducing a bill to stop what she described as unprecedented corruption. The bill's text has not been released.