OCC Greenlights Trump-Backed Crypto Venture While Lawmakers Challenge ‘Self-Dealing’

World Liberty Gets Banking Charter Despite Conflict-of-Interest Concerns

The Office of the Comptroller of the Currency has granted conditional approval to World Liberty Financial, allowing the company to establish a national trust bank charter and expand its operations within the US financial system. The approval, announced Friday, authorizes World Liberty Financial to operate as World Liberty Trust Company, National Association. The company disclosed plans to issue dollar-backed stablecoins and provide custodial services for digital assets tied to its USD1 token.

The regulatory breakthrough arrives amid substantial controversy surrounding World Liberty’s ties to President Donald Trump and his family. According to the application materials, a Trump family entity controls 38% of the company’s equity interests. The OCC’s leadership includes Jonathan Gould, appointed by Trump in 2025, intensifying scrutiny around potential conflicts of interest. When addressing previous concerns, Gould stated the application would receive an “apolitical and nonpartisan” review. The OCC subsequently maintained that leadership “acted consistently with their statutory duties and ethical obligations.”

Broad Crypto Industry Approval Trend Meets Political Resistance

The approval drew immediate criticism from Democratic lawmakers. Senator Elizabeth Warren introduced the Ending Presidential Corruption in Banking Act in response, with nine additional senators co-sponsoring the legislation. Warren characterized the OCC decision as “the most brazen act of self-dealing our financial system has ever seen.”

Despite the political opposition, World Liberty’s approval reflects a broader regulatory shift toward accommodating cryptocurrency firms. Under the Trump administration, the OCC has increasingly approved or conditionally approved applications from crypto companies seeking trust bank charters. In December, following congressional passage of the GENIUS stablecoin bill, the agency cleared applications from Circle, Ripple Labs, Crypto.com, and Coinbase. This wave of approvals signals a significant transformation in regulatory posture toward digital assets and their integration into traditional banking infrastructure.

Foreign Investment and Ongoing Scrutiny

World Liberty’s funding structure has drawn additional congressional attention. An Abu Dhabi-based investment firm connected to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, purchased a 49% stake in World Liberty for $500 million in January 2025. Another UAE entity, MGX, subsequently deployed World Liberty’s USD1 stablecoin in a $2 billion investment in crypto exchange Binance. Trump later issued a presidential pardon for Binance’s former CEO, further drawing scrutiny to the interconnected relationships.

Lawmakers continue pressing for investigations into whether the international investment structure presents potential foreign policy implications through the president’s personal holdings. A White House spokesperson has repeatedly stated there are “no conflicts of interest” related to Trump’s business involvements. The conditional approval underscores the ongoing tension between crypto industry expansion and governance concerns in financial regulation.

The expanded regulatory acceptance of trust bank charters for major crypto infrastructure providers, including Ripple Labs, could accelerate utility cases and mainstream adoption pathways for digital assets.

Source: OCC, via Cointelegraph. Not financial advice.