World Liberty Trust Company, the cryptocurrency firm affiliated with President Trump’s family, has received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC), the U.S. federal banking regulator. This approval requires World Liberty to maintain at least 20 million dollars in capital, hire a qualified internal audit manager, and inform the OCC of significant changes to its business plan. If fully approved, the charter would allow World Liberty to hold and manage client assets, provide custody services, and consolidate the issuance, custody, and reserve management of its USD1 stablecoin under a single federally supervised organization. Senator Elizabeth Warren strongly criticized the decision, calling it the most brazen act of self-dealing in the history of the U.S. financial system.
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