OCC Grants Conditional Trust Charter to Trump-Linked Crypto Company

The U.S. Office of the Comptroller of the Currency has given conditional approval to World Liberty Financial’s application for a national trust bank charter, allowing the company to operate as World Liberty Trust Company, National Association, pending certain regulatory and policy requirements. According to its application, the entity plans to issue dollar-backed stablecoins and provide custody services for digital assets connected to its USD1 token.

Conflict of Interest Concerns Surround Approval

The decision arrives amid ongoing scrutiny over potential conflicts of interest, given that the sitting U.S. president and his three sons are affiliated with World Liberty Financial, and the head of the OCC was nominated by the president in 2025. Public disclosures from the company indicate a Trump family entity holds a 38% equity stake. The agency stated that its leadership acted in accordance with statutory duties and ethical obligations throughout the review, describing the process as apolitical following earlier objections from a senator who had raised concerns about the application.

Lawmakers Push Back With New Legislation

Following the announcement, that senator introduced legislation aimed at preventing similar situations going forward, calling the approval one of the most significant instances of self-dealing in the financial system’s history. She was joined by nine other senators in introducing the Ending Presidential Corruption in Banking Act shortly after the OCC’s decision became public.

Part of a Broader Pattern of Crypto Charter Approvals

Under the current administration, the OCC has approved or conditionally approved several trust charter applications from cryptocurrency companies seeking expanded banking services in the U.S. Late last year, the agency approved similar applications from other major crypto firms following passage of federal stablecoin legislation.

Foreign Investment Ties Draw Congressional Attention

Separately, lawmakers continue pressing for investigations into World Liberty’s financial relationships with foreign entities. An Abu Dhabi-based investment firm linked to a senior UAE security official reportedly acquired a 49% stake in the company for $500 million in early 2025. Another UAE-based entity used World Liberty’s stablecoin to make a $2 billion investment in a major cryptocurrency exchange, whose former chief executive later received a presidential pardon. White House officials have repeatedly denied any conflicts of interest tied to the president’s business investments.