A U.S. national bank regulator has granted conditional approval for a crypto venture partially owned by President Donald Trump’s family to obtain a bank charter.
The decision allows World Liberty Trust, also referred to as World Liberty Financial, to operate as a national trust bank. This regulatory milestone is significant because it bridges the gap between decentralized finance and the traditional federal banking system, potentially granting a politically connected entity direct access to the U.S. financial infrastructure.
The Office of the Comptroller of the Currency (OCC) announced the preliminary approval on Friday, Aug. 9 [1]. Under this conditional charter, the company is permitted to issue a stablecoin pegged to a value of USD 1 [2].
The OCC said the approval supports responsible innovation within the cryptocurrency sector [3]. By granting this status, the regulator enables the firm to hold deposits and provide trust services under federal jurisdiction [1].
Critics of the move said the approval reflects political favoritism toward the Trump family [4]. Some observers noted that the regulator overseeing the process was appointed by Trump, though the OCC's official communication focused on the technical merits of the application [5].
The transition from a crypto startup to a chartered national trust bank subjects the entity to federal oversight and reporting requirements. However, the conditional nature of the approval means the firm must still meet specific regulatory benchmarks before the charter becomes permanent [1].
This development comes as the U.S. government continues to navigate the integration of digital assets into the formal economy. The ability for a private crypto venture to operate as a federally chartered bank marks a shift in how the OCC views the intersection of blockchain technology and national banking laws [3].
“The OCC said the approval supports responsible innovation within the cryptocurrency sector.”
This move signals a potential shift in U.S. regulatory policy, moving away from a restrictive approach to cryptocurrency and toward the integration of digital assets into the federal banking system. By allowing a crypto-native entity to hold a national trust charter, the OCC is creating a precedent that could lead to more traditional financial institutions adopting stablecoins or more crypto firms seeking federal charters to gain legitimacy and stability.
