Trump Family’s World Liberty Financial (WLFI) Nears OCC Trust Bank License Approval
Highlights
- Trump family’s World Liberty Financial to receive national trust bank license from OCC soon.
- Former OCC staffers claimed that the approval is nearly guaranteed.
- This comes despite growing scrutiny on USD1 stablecoin and Trump's conflicts of interest concerns.
Trump family’s crypto firm World Liberty Financial to receive approval for a national trust bank license from the Office of the Comptroller of the Currency (OCC). The OCC expects to advance the banking charter for USD1 on and off-ramps despite ethics concerns and political scrutiny.
Trump Family’s World Liberty Financial Nears Securing Bank License from OCC
Trump family-backed crypto project World Liberty Financial is likely to secure the OCC’s approval of a national trust bank license soon, according to a NOTUS report. US Comptroller of the Currency Jonathan Gould is considering announcing his decision on the national bank charter application.
Two anonymous former OCC staffers revealed that the approval is nearly guaranteed, with one source saying that a rejection of the application was “inconceivable.”
World Liberty Financial filed an application for a national trust bank charter with the OCC earlier this year. It followed the OCC’s conditional approval granted to several crypto companies, including Circle, Ripple, and BitGo.
The nation trust bank license will allow the Trump family’s World Liberty Financial to issue and redeem its USD1 stablecoin, manage reserves, and custody. It would also enable easier institutional adoption and on and off-ramps for USD1.
Notably, UFC fighters at the White House UFC Freedom 250 event received the entire $250K performance bonuses in USD1 stablecoin despite growing scrutiny and President Trump’s conflicts of interest.
Ethics Concerns and Political Scrutiny
World Liberty Financial’s bank charter application immediately faced dispute from Senators and banking groups. Democratic Senator Elizabeth Warren even urged the OCC to delay its review of the application amid conflicts of interest and national security concerns.
The House of Representatives also launched a probe into USD1 stablecoin following a reported $500 million investment in the company by a UAE firm and a linked $2 billion Binance deal.
The Trump family has made more than $2.3 billion in profits with their crypto projects since Trump’s second term. Notably, World Liberty Financial accounts for the largest profit share.
The OCC approval would further increase political backlash over US President Donald Trump’s potential conflicts of interest.
Meanwhile, WLFI token jumped more than 1.50%, with the price currently trading at $0.0605. Trading volume increased just 9% as traders await monetary policy cues from the FOMC meeting.
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