A US banking regulator is granting preliminary conditional approval to World Liberty Financial’s application for a new national trust bank.
The Office of the Comptroller of the Currency says it reviewed the application from the President Trump-backed firm to establish the World Liberty Trust Company, National Association bank for stablecoin operations and digital asset custody.
The bank plans to issue and redeem the USD1 stablecoin, maintain reserves in a non-fiduciary capacity, provide fiduciary digital asset custody and offer limited conversion services for custody customers.
USD1 is a core product of World Liberty Financial.
Says the OCC,
“The OCC hereby grants preliminary conditional approval of your charter application upon determining that your proposal meets certain regulatory and policy requirements.”
Senator Elizabeth Warren is criticizing the decision as self-dealing and announcing new legislation.
Warren says on Bluesky,
“This is the most brazen act of self-dealing our financial system has ever seen. I’m introducing a bill to stop this kind of unprecedented corruption.”
The proposed Ending Presidential Corruption in Banking Act would prohibit approvals and ownership by presidents, vice presidents and family members in banking charters.
The bill text declares: “This Act may be cited as the ‘Ending Presidential Corruption in Banking Act’.”
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