Donald Trump · Circle · The Block
Trump-backed World Liberty Financial nears OCC approval for federal trust charter: report
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Trump-backed crypto project World Liberty Financial is expected to soon receive approval to operate as a national trust bank, amid concerns over potential conflicts of interest involving the U.S. president.
Key facts
- Reuters estimated in a June 9 report that the Trump family has made more than $2.3 billion in profits across four crypto ventures since the start of Trump's second term, with World Liberty accounting
- Donald Trump and his family hold substantial financial interests in World Liberty, which they co-founded a few months before the 2024 presidential election
- The Block has reached out to World Liberty and the OCC for further comment
- During a February Senate Banking Committee hearing, Democratic Senator Elizabeth Warren pressed Gould on his review of World Liberty's application, asking whether he would deny or at least delay
Summary
According to a Tuesday report from NOTUS, the Office of the Comptroller of the Currency's Jonathan Gould is set to announce his decision on World Liberty Financial's application shortly. Two anonymous former staffers at the OCC told the news outlet that the approval is nearly guaranteed, with one source saying that a rejection of the application was "inconceivable. In January, World Liberty Financial established a U.S. trust company and filed the application to the OCC, following the regulator's conditional approval of several crypto companies, including Circle, Ripple, and BitGo. The federal trust bank charter grant would allow World Liberty to issue and redeem its USD1 (USD1) stablecoin, manage reserves, provide digital asset custody, and offer conversion and settlement services under a single federal regulator.