politics
Trump family-backed crypto firm World Liberty gets conditional bank charter approval
The OCC conditionally approved World Liberty Trust Co.’s national trust bank charter. That would allow the Trump family-backed firm to issue stablecoins.
TL;DR
- The OCC has conditionally approved a national trust bank charter for World Liberty Trust Co.
- World Liberty Trust Co. is sponsored by World Liberty Financial, which is 38% owned by an entity affiliated with Donald J. Trump and his family members.
- The bank charter will enable World Liberty to issue stablecoins.
- The approval process is not fully complete, requiring additional steps like raising capital.
- Congressional Democrats have expressed concerns about potential conflicts of interest and self-dealing.
- Senator Elizabeth Warren urged the OCC not to approve the application unless the president divested his interests and plans to introduce legislation to prevent presidents from owning banks.