Trump-Linked Crypto Firm Nears OCC Trust Bank Approval Amid Conflict Concerns

World Liberty Financial has taken another step closer to securing a federal trust bank charter from the Office of the Comptroller of the Currency (OCC), with former officials predicting its approval despite ongoing concerns about potential conflicts of interest and national security.

The Trump-linked crypto firm applied for the charter in January, shortly after the OCC granted conditional approvals to several other crypto companies, including Circle, Ripple, and BitGo. If approved, World Liberty would be able to issue and redeem its USD1 stablecoin under federal oversight and operate under a single national regulator instead of navigating multiple state-level frameworks.

However, Democratic lawmakers have continued questioning the application, citing potential conflicts of interest tied to President Donald Trump's financial connection to the project. Public disclosures show that Trump and members of his family helped launch World Liberty before the 2024 election, with proceeds from sales of the WLFI token going to DT Marks DEFI LLC, an entity controlled by Trump.

Representative Gregory Meeks has also questioned whether OCC Comptroller Jonathan Gould is acting independently or serving as a 'Trump fixer' while reviewing the application. Gould has consistently defended the agency's position, saying charter reviews are conducted on a nonpartisan basis and that crypto custody, settlement services, and certain transaction activities can fall within existing banking authorities when properly supervised.