- The OCC conditionally approved World Liberty Financial’s national trust bank charter, allowing it to issue USD-backed stablecoins and custody digital assets.
- Lawmakers, led by Senator Elizabeth Warren, allege conflicts of interest due to Trump family affiliations and introduced the Ending Presidential Corruption in Banking Act.
- World Liberty’s ties to UAE entities, including a $500 million stake from an Abu Dhabi firm and a $2 billion stablecoin investment via MGX, face ongoing congressional scrutiny.
The US Office of the Comptroller of the Currency (OCC) granted conditional approval for World Liberty Financial’s application to operate as a national trust bank, despite mounting accusations of conflicts of interest from lawmakers. According to a Friday notice, the company will operate as World Liberty Trust Company, National Association, issuing USD-backed stablecoins and custodying digital assets tied to its USD1 token.
The OCC’s decision arrived amid concerns that the Trump family’s affiliation with the company created ethical violations. A Trump family entity controlled 38% of the company’s equity, and OCC head Jonathan Gould was nominated by President Trump in 2025.
The agency stated that “the Comptroller and staff acted consistently with their statutory duties and ethical obligations with respect to the Application.” Gould had previously assured that the review would follow an “apolitical and nonpartisan process” after a letter from Senator Elizabeth Warren.
In response, Warren said she introduced legislation “to stop this kind of unprecedented corruption,” calling the approval “the most brazen act of self-dealing our financial system has ever seen.” She and nine senators introduced the Ending Presidential Corruption in Banking Act shortly after the approval.
Meanwhile, lawmakers continue investigating World Liberty’s ties to foreign entities. An Abu Dhabi investment firm backed by the UAE’s national security adviser purchased a 49% stake for $500 million in January 2025, and UAE entity MGX used the USD1 stablecoin to invest $2 billion in Binance. Trump later issued a presidential pardon for former Binance CEO Changpeng Zhao.
A White House spokesperson has repeatedly stated that there were “no conflicts of interest” with Trump’s investments.
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