Trump family's crypto firm seeks bank charter amid regulator conflict concerns

World Liberty Financial, the crypto company launched by Donald Trump, Eric Trump and Donald Trump Jr. in 2024, has been given a preliminary charter by the Office of the Comptroller of the Currency to become a national trust bank. Senator Elizabeth Warren condemned the decision, arguing that the application would have been rejected under any prior administration due to national security and anti-money-laundering issues.

The firm, which issues the USD1 stablecoin, currently relies on a partner bank to hold the underlying dollars, sharing the resulting interest earnings. Full bank status would allow it to keep those profits and manage its own deposits. Critics note that the OCC's current comptroller, Jonathan V. Gould, was appointed by Trump and can be dismissed by him, suggesting possible regulatory bias. The Trump family has signed a passivity agreement to limit direct management involvement, but their financial stake remains significant.