Trump-backed World Liberty Financial is reportedly close to receiving a federal trust bank charter from the Office of the Comptroller of the Currency, a move that could expand the crypto company’s role in the U.S. financial system.
Citing people familiar with the matter, NOTUS reported that OCC Comptroller Jonathan Gould could announce a decision soon. If approved, the charter would allow World Liberty Financial to operate with certain bank-like powers, including issuing stablecoins and handling transactions under federal oversight.
World Liberty Financial applied for the national trust bank charter on Jan. 5 and has been awaiting a decision since then. According to the report, congressional aides, industry participants, and former OCC officials expect the application to receive approval.
The case has drawn attention because it would give a Trump-backed crypto venture greater access to the traditional financial system while lawmakers continue debating digital asset regulation and oversight.
Charter could expand crypto operations
A national trust bank charter would give World Liberty Financial greater freedom to operate across the U.S. financial system. The approval could allow the company to issue its USD1 stablecoin directly to customers and process transactions without relying on outside banking partners.
The charter could also reduce the need to navigate multiple state regulatory systems. That would allow the company to operate under a single federal framework instead of seeking approvals across different jurisdictions. Supporters of the model argue that federal oversight can provide clearer rules while maintaining regulatory accountability.
As scrutiny around the application grows, the company has pushed back against concerns about potential conflicts of interest. Spokesperson David Wachsman said, “none of its leadership or employees work for the U.S. government, and there are no conflicts of interest.”
Wachsman also said the company would remain subject to regulatory requirements if it receives the charter. He noted that World Liberty Financial would comply with anti-money laundering rules and consumer protection laws that apply to federally supervised institutions.
Critics raise conflict concerns
The application has also drawn criticism from consumer advocates and ethics watchdogs, who question the relationship between the business and President Donald Trump. Critics argue that approval of the charter could raise concerns about the separation between public office and private business interests.
Corey Frayer, director of investor protection at the Consumer Federation of America, said, “For the first time in history, a president is leaning on a bank regulator to give his private enterprise the implicit backing of the federal government.”
The scrutiny comes as World Liberty Financial continues to expand its presence in the digital asset market. The company launched ahead of the 2024 election and offers the USD1 stablecoin alongside its WLF governance token. Financial disclosures previously showed that Trump earned $57 million from the venture during an earlier reporting period.
Furthermore, according to a Reuters analysis published on June 9, the Trump family has generated more than $2.3 billion from four crypto ventures since President Trump’s second term began, with World Liberty contributing the largest share of those profits.
More recently, the company extended its reach beyond cryptocurrency markets. World Liberty Financial helped fund UFC performance bonuses with USD1 stablecoins during a White House event, adding to its public profile as digital assets become increasingly intertwined with business and politics.
The Office of the Comptroller of the Currency’s decision is now being closely watched by both the banking and cryptocurrency industries. Approval would be a key step for World Liberty Financial and could signal how federal regulators plan to approach crypto firms seeking a larger role within the U.S. financial system.
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