Trump Family's Crypto Empire Seeks Banking License Amid Ethics Concerns

The Trump family's cryptocurrency empire may soon expand into banking as World Liberty Financial, a digital asset trading and stablecoin platform co-founded by Donald Trump and his three sons, has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.

The OCC is headed by Jonathan Gould, who was appointed by the current administration, and industry experts predict a favorable response due to recent modifications in the granting criteria that favor cryptocurrency firms. Under Gould's management, nearly a dozen similar firms have already received institutional authorizations.

The approval would grant World Liberty Financial significant legal advantages and broad reach, allowing it to settle financial transactions directly like payment service providers and issue its own stable token, denominated as USD1, in the domestic market without relying on external intermediaries. The company's spokesperson declared that it will operate under permanent and robust supervision by the OCC if approved.

The Trump family has generated notable revenue from the platform, with Donald Trump reporting personal earnings of $57 million from World Liberty Financial in June 2025. Ethics watchdog organizations and Democratic Party lawmakers have expressed concerns about an unprecedented conflict of interest if the license is approved.