Trump-Backed Crypto Firm World Liberty Financial Nears Federal Banking Charter Amid Intense Scrutiny

Washington D.C. – World Liberty Financial (WLF), a cryptocurrency project with significant backing from the Trump family, is reportedly on the verge of securing a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC). This move would grant WLF unprecedented regulatory standing in the digital asset space, allowing it to operate as a federally regulated financial institution.

OCC Approval Imminent, Sources Suggest

According to a Tuesday report by the U.S. political media outlet NOTUS, OCC Director Jonathan Gould is expected to imminently announce the final decision on WLF’s application. Anonymous former OCC employees, speaking to NOTUS, indicated that approval for World Liberty Financial’s license is “virtually a done deal,” with one insider dismissing the possibility of rejection as “fantasy.”

World Liberty Financial established a trust company in the U.S. in January before formally submitting its application to the OCC. This potential approval follows a precedent set by other prominent cryptocurrency firms, including Circle, Ripple, and BitGo, which have previously received conditional national trust bank charters from the OCC.

Empowering WLF: A New Era for Stablecoin Operations

Obtaining a national trust bank charter would be a transformative step for World Liberty Financial. This designation would empower the company to independently issue and redeem its proprietary dollar-pegged stablecoin, USD1. Furthermore, it would enable WLF to manage its stablecoin reserve assets, offer comprehensive digital asset custody services, and facilitate both fiat and cryptocurrency exchanges and settlements. Crucially, this regulatory green light would allow WLF to bypass current intermediaries like BitGo, enabling direct stablecoin issuance to U.S. consumers without reliance on third-party financial institutions.

Deepening Controversy: Trump Family’s Financial Stakes Under Fire

Beyond the regulatory milestone, the impending approval intensifies scrutiny over the substantial economic interests held by former President Trump and his family in World Liberty Financial. The project was notably co-founded just months before the 2024 U.S. presidential election, raising immediate and significant concerns about potential conflicts of interest.

Public disclosures reveal that a staggering 75% of the proceeds from the sale of the project’s native token, WLFI, are directed to “DT Marks DEFI LLC,” a company directly controlled by Donald Trump. This arrangement means the Trump family stands to directly benefit financially from the expansion and success of World Liberty Financial’s operations, linking their personal wealth to the company’s performance.

Billions in Crypto Profits and National Security Concerns

A recent estimate by Reuters suggests that since the beginning of what would have been Trump’s second term, his family has reportedly amassed over $2.3 billion through four distinct cryptocurrency projects, with World Liberty Financial contributing the largest share to this figure.

Earlier this year, the U.S. House of Representatives launched an investigation into WLF’s USD1 stablecoin. The probe focuses on potential conflicts of interest and national security risks, specifically citing a $500 million investment in the company from the UAE and a $2 billion transaction linked to Binance. These significant financial movements reportedly coincided with the timing of U.S. approvals for AI chip exports, further fueling concerns about influence and national security implications.

Political Pushback and White House Defense

The controversy has also drawn sharp political criticism. During a Senate Banking Committee hearing in February, Democratic Senator Elizabeth Warren directly challenged OCC Director Jonathan Gould, urging him to reject or at least postpone WLF’s application. Warren issued a stark warning to Gould: “If you approve this application, you will go from being a cheerleader for Trump to being an accomplice in his corruption.”

In response to these allegations, the White House has maintained that Trump’s assets are managed by a trust overseen by his adult children, asserting that no conflict of interest exists in their financial dealings.