TLDR
- World Liberty Financial’s OCC application could place USD1 stablecoin activity under direct federal banking oversight soon.
- The proposed trust charter would support custody, settlement, reserve management, and stablecoin redemption services nationwide.
- Trump family financial ties have increased political scrutiny around World Liberty Financial’s regulatory approval process.
- Lawmakers are examining reported UAE and Binance-linked transactions connected to World Liberty Financial’s stablecoin business.
- The White House says Trump’s assets are managed by his children through a trust arrangement.
World Liberty Financial, a crypto project backed by the Trump family, is expected to receive approval from the U.S. Office of the Comptroller of the Currency to operate as a national trust bank, according to a report from NOTUS. The expected decision would place the project under a federal banking regulator and allow it to conduct key stablecoin and custody services through a national trust structure.
The application has drawn attention because of the project’s links to President Donald Trump and his family’s financial interests in the venture. The approval process has also become part of a wider political debate over crypto regulation, presidential ethics, and the federal treatment of digital asset firms.
World Liberty Financial Nears OCC Charter Approval
World Liberty Financial formed a U.S. trust company in January and submitted its application to the OCC for a federal trust banking charter. Two former OCC employees, speaking anonymously to NOTUS, said the application was highly likely to be approved. One former staffer reportedly said a rejection would be difficult to imagine.
The OCC decision is expected to come from Jonathan Gould, who has addressed questions from lawmakers about the review process. Gould told the Senate Banking Committee that the agency would handle the application under its statutory obligations. He also rejected claims that political considerations were guiding the process.
A federal trust charter would allow World Liberty Financial to issue and redeem its USD1 stablecoin under one federal regulator. It would also permit the firm to manage reserves, provide digital asset custody, and offer settlement and conversion services without depending on some outside intermediaries.
USD1 Stablecoin Plan Draws Regulatory Attention
The charter could change how World Liberty Financial operates its USD1 stablecoin in the United States. BitGo currently serves as an intermediary for parts of the project’s operations. Direct federal oversight could allow the company to bring more activity inside its own regulated trust structure.
The national trust bank model has become more relevant as crypto companies seek clearer federal pathways for stablecoins, custody, and settlement services. The OCC has previously granted conditional approvals to crypto-related firms, including Circle, Ripple, and BitGo. World Liberty Financial’s application is being reviewed in that broader regulatory setting.
Supporters of federal trust charters say the structure can reduce reliance on fragmented state rules and provide clearer supervision for institutional partners. Critics argue that applications involving politically connected entities require careful review, especially when the applicant has direct financial links to a sitting president’s family.
Political Scrutiny Grows Over Trump Family Ties
World Liberty Financial was co-founded months before the 2024 presidential election and has remained tied to Trump family business interests. Disclosures cited in the report state that 75% of proceeds from WLFI token sales go to DT Marks DEFI LLC, an entity controlled by Trump. Reuters previously estimated that the Trump family made more than $2.3 billion across several crypto ventures during Trump’s second term.
Lawmakers have also reviewed World Liberty Financial’s reported transactions involving a UAE-based entity and Binance. A House inquiry examined potential conflicts of interest and national security risks connected to the USD1 stablecoin, a reported $500 million UAE investment, and a linked $2 billion Binance deal. The review also came amid questions about U.S. approvals related to AI chip exports.
Senator Elizabeth Warren questioned Gould during a February Senate Banking Committee hearing and urged the OCC to reject or delay the application. Gould responded that the agency would process the filing according to law. The White House has rejected conflict-of-interest concerns, saying Trump’s assets are held in a trust managed by his children.
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