Headline: World Liberty edges toward OCC trust-charter approval as conflict-of-interest concerns intensify
World Liberty Financial is reportedly close to winning a federal trust bank charter from the Office of the Comptroller of the Currency (OCC), a move that would let the Trump-linked crypto firm operate under a single national regulator and directly issue a USD-pegged stablecoin. According to reporting by NOTUS, former OCC officials say approval is “widely expected,” and OCC Comptroller Jonathan Gould is anticipated to announce a decision in the coming days. Two former OCC staffers, speaking anonymously, told NOTUS that rejection of the application would be “inconceivable.”
What the charter would mean
If granted, a national trust bank charter would allow World Liberty to:
- Issue and redeem its USD1 stablecoin (WLFI);
- Hold and manage reserve assets backing the token;
- Provide digital-asset custody and settlement services; and
- Handle conversion and settlement activities under federal supervision.
The charter would also spare World Liberty from dealing with multiple state-level licensing regimes and remove its need to rely on intermediaries—currently handled by custodians like BitGo—for stablecoin issuance.
Political and congressional scrutiny
World Liberty’s bid has drawn intense political scrutiny because of President Donald Trump’s disclosed financial ties to the project. Public filings show Trump and family members helped launch World Liberty before the 2024 election, and disclosures indicate 75% of WLFI token sale proceeds flow to DT Marks DEFI LLC, an entity controlled by Trump. Reuters reported on June 9 that the Trump family has earned more than $2.3 billion from four crypto ventures since the start of Trump’s second term, with World Liberty representing the largest slice.
Lawmakers have repeatedly questioned both the merits of the application and the OCC’s review process. At a February Senate Banking Committee hearing, Senator Elizabeth Warren urged Gould to reject or delay the application over alleged conflict-of-interest and national-security risks. Gould said the OCC would follow its statutory duties and countered that the only political pressure he’d seen came from Warren; she responded that approval would amount to enabling presidential corruption.
In June, oversight expanded to the House Financial Services Committee, where Representative Gregory Meeks asked if Gould was acting independently or acting as a “Trump fixer.” Gould rejected the accusation and said the agency had adhered to legal and ethics requirements.
Broader legal questions about OCC crypto charters
Warren has also questioned the OCC’s broader approach to crypto trust banks. In a May letter to Gould, she argued several crypto-related trust charters might exceed authorities granted by the National Bank Act, citing Bloomberg reporting that questioned whether some digital-asset activities fall outside federal banking law. Gould has consistently defended the OCC’s position, asserting that charter reviews are nonpartisan and that custody, settlement, and certain transaction services can fit within existing banking authorities when properly supervised.
Probes into business ties and foreign investment
Separately, House lawmakers have launched inquiries into World Liberty’s stablecoin and business relationships after reporting tied a $500 million UAE investment to the company and linked that funding to a separate $2 billion Binance-related transaction. Questions about foreign ownership have arisen previously; during the Senate hearing Warren pointed to reporting that a senior UAE official had taken a significant stake and asked whether those interests were disclosed to regulators. Gould declined to discuss application details but said the OCC would follow established review procedures.
White House response
The White House dismisses conflict claims, saying the president’s assets are held in a trust managed by his children and that no conflict exists.
What’s next
With the OCC decision reportedly imminent, the outcome will shape not only World Liberty’s business model but also the regulatory contours for crypto firms seeking national trust charters—an evolving battleground that combines stablecoin policy, banking law, geopolitics, and high-stakes oversight. Watch for the OCC’s announcement in the coming days.
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