The US Office of the Comptroller of the Currency (OCC) has granted conditional approval for World Liberty Financial’s national trust bank application. This decision arrived on Friday, sparking immediate controversy. Lawmakers accuse the agency of ignoring glaring conflicts of interest tied directly to former President Donald Trump’s family.
World Liberty Financial can now operate as World Liberty Trust Company, National Association. Its application details plans to issue US dollar-backed stablecoins. The company also intends to custody digital assets related to its proprietary USD1 token, according to its filings.
The approval has intensified concerns over potential conflicts between the firm and the Trump family. President Trump and his three sons are reportedly affiliated with the company. Moreover, Jonathan Gould, the current head of the OCC, was nominated by Trump in 2025.
World Liberty’s own website confirms a Trump family entity controls a substantial 38% of the company’s equity interests. The OCC maintains that its Comptroller and staff acted consistently with statutory duties and ethical obligations. Mr Gould had previously promised an “apolitical and nonpartisan process” for the application review.
Senator Elizabeth Warren, however, swiftly condemned the decision. On Friday, she called it “the most brazen act of self-dealing our financial system has ever seen.” She and nine other senators promptly introduced the Ending Presidential Corruption in Banking Act to prevent such “unprecedented corruption.”
This approval follows a pattern under the Trump administration. The OCC has previously greenlit multiple crypto companies seeking trust charters. Firms like Circle, Ripple Labs, Crypto.com, and Coinbase all received conditional approvals in December. These decisions came after Congress passed the GENIUS stablecoin bill.
Deeper scrutiny surrounds World Liberty’s significant ties to foreign entities. An Abu Dhabi investment company, backed by Sheikh Tahnoon bin Zayed Al Nahyan, purchased a 49% stake in January 2025 for $500 million. Sheikh Tahnoon serves as the United Arab Emirates’ national security adviser.
Further links emerged when another UAE entity, MGX, used World Liberty’s USD1 stablecoin. This enabled a $2 billion investment into the crypto exchange Binance. Later, President Trump issued a presidential pardon for former Binance CEO Changpeng Zhao, adding another layer of complexity. While a White House spokesperson has repeatedly denied any conflicts of interest with Trump’s investments, the new legislation signals a tough fight ahead.
