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OCC Conditionally Approves Trust Bank Charter for Trump-Linked World Liberty, Reviving Conflict Concerns
Summary
- The OCC said it had conditionally approved World Liberty Financial, which is linked to the Trump family, to establish a national trust bank.
- World Liberty said it plans to issue a U.S. dollar-based stablecoin and pursue a digital-asset custody business tied to its own stablecoin USD1.
- The report said World Liberty’s ties to foreign capital, including major investment from the UAE and a $2 billion investment in Binance using USD1, have become a point of controversy in Congress.
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The Office of the Comptroller of the Currency has conditionally approved an application from World Liberty Financial, a cryptocurrency company linked to President Donald Trump’s family, to establish a national trust bank, reviving concerns over potential conflicts of interest.
Cointelegraph reported on Aug. 17 that the OCC conditionally approved World Liberty’s application for a national trust bank charter. If the company meets regulatory and policy requirements, it will be allowed to operate under the name World Liberty Trust Company, National Association.
In its application, World Liberty said it plans to issue a U.S. dollar-based stablecoin and provide custody services for digital assets tied to its own stablecoin, USD1.
The approval has drawn scrutiny from lawmakers over possible conflicts of interest. Trump and his three sons are linked to World Liberty, and entities tied to the Trump family control 38% of the company’s equity, according to the company’s website. Jonathan Gould, who leads the OCC, was also appointed by Trump last year.
The OCC said “the Comptroller and staff acted consistently with their legal obligations and ethical responsibilities” during the review. Gould had earlier told Senator Elizabeth Warren that the charter review would proceed through a “nonpolitical and nonpartisan process.”
Warren criticized the decision soon after the approval and said she had introduced legislation aimed at limiting a president’s financial interests. Ten senators, including Warren, introduced the Ending Presidential Corruption in Banking Act following the approval.
Since the Trump administration took office, the OCC has continued approving trust bank charters for crypto firms seeking entry into the U.S. financial system. In December 2025, it approved or conditionally approved related applications from Circle, Ripple Labs, Crypto.com and Coinbase.
World Liberty’s ties to capital from the United Arab Emirates have also remained under scrutiny in Congress. An Abu Dhabi investment firm backed by UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan invested $500 million in January 2025 to acquire a 49% stake in World Liberty, according to the report.
Another UAE investment firm, MGX, invested $2 billion in Binance using World Liberty’s USD1. After Trump pardoned former Binance Chief Executive Officer Changpeng Zhao, some lawmakers called for an investigation into whether ties between World Liberty and foreign capital influenced U.S. government policy.
The White House, meanwhile, has repeatedly said Trump’s investments do not pose a conflict of interest.
