Trump Family Wins Preliminary Approval for U.S. Bank Charter

The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval on Aug. 14 for World Liberty Trust Company, a national trust bank tied to President Donald Trump’s family crypto venture World Liberty Financial. The charter would allow the entity to directly issue and manage the USD1 stablecoin, currently with over $4 billion in circulation. World Liberty Financial is 38% owned by an entity affiliated with Trump and his family. The OCC has approved 22 new bank charters in Trump’s first 19 months of his second term—more than the previous five years combined. Conditions include maintaining at least $20 million in capital and hiring an internal audit manager. Sen. Elizabeth Warren called the approval “the most brazen act of self-dealing” and introduced legislation to block presidential family-owned banks. The White House stated “no conflict of interest” exists. Final approval requires meeting all OCC conditions before the bank can open