{"id":1486,"date":"2026-08-15T15:36:55","date_gmt":"2026-08-15T15:36:55","guid":{"rendered":"https:\/\/smartmovinghome.com\/?p=1486"},"modified":"2026-08-15T15:36:55","modified_gmt":"2026-08-15T15:36:55","slug":"trump-family-crypto-empire-wins-approval-for-bank-charter","status":"publish","type":"post","link":"https:\/\/smartmovinghome.com\/?p=1486","title":{"rendered":"Trump Family Crypto Empire Wins Approval for Bank Charter"},"content":{"rendered":"
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The Office of the Comptroller of the Currency, a regulatory agency whose leader was chosen by President Donald Trump, granted preliminary approval on Friday to World Liberty Financial\u2019s application for a federal bank charter.<\/p>\n

World Liberty Financial is a crypto venture launched in 2024 by the president\u2019s two eldest sons, Donald Trump Jr. and Eric Trump, and several partners. The firm\u2019s website states that WLF is 38% owned by \u201can entity affiliated with Donald J. Trump and certain of his family members.\u201d<\/p>\n

WLF for a U.S. bank charter in January, drawing alarm from lawmakers and watchdogs who said the review process would be rife with conflicts of interest. \u201cWe have never seen financial conflicts or corruption of this magnitude,\u201d Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate Banking Committee, said at the time.<\/p>\n

The OCC, headed by Jonathan Gould, announced the approval decision in a published Friday. WLF\u2019s application was assessed by career OCC staff, the agency said.<\/p>\n

\u201cThe Office of the Comptroller of the Currency (OCC) has reviewed your application to establish a new national trust bank, which will engage in operations of a trust company and activities related thereto, including fiduciary activities, with the title of World Liberty Trust Company, National Association,\u201d the letter states. \u201cThe OCC hereby grants preliminary conditional approval of your charter application upon determining that your proposal meets certain regulatory and policy requirements.\u201d<\/p>\n

In response to the news, Warren wrote on social media that \u201cthis is the most brazen act of self-dealing our financial system has ever seen.\u201d<\/p>\n

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Reuters<\/em> reported that the charter, if finalized, would allow World Liberty\u2019s \u201cto directly issue its USD1 stablecoin, as well as custody the U.S. dollar assets backing it, both of which are now handled by a business partner, BitGo.\u201d<\/p>\n

\u201cHoping to capitalize on the Trump administration\u2019s crypto-friendly stance, the industry has been knocking on the OCC\u2019s door for such charters,\u201d Reuters<\/em> noted. \u201cThey allow crypto companies to hold assets on behalf of clients nationwide under a single federal charter, as well as to provide other settlement and asset servicing functions \u2014 making it easier to court major institutional clients. Other crypto firms, including Ripple and Circle, have received preliminary approval for such charters under Comptroller Jonathan Gould.\u201d<\/p>\n

World Liberty Financial welcomed the OCC\u2019s preliminary approval as \u201ca milestone in a multi-step chartering process.\u201d The firm said in a press release that the newly formed bank\u2019s board would be chaired by Zach Witkoff, the son of Trump\u2019s special envoy to the Middle East.<\/p>\n

Last year, Trump reaped around $527 million in proceeds from token sales by WLF, according to financial disclosures released in late June.<\/p>\n

\u201cThey are making sure they are rich beyond their wildest dreams long after Trump departs the White House (if he departs the White House),\u201d journalist Mehdi Hasan wrote in response to the OCC decision. \u201cIt\u2019s so openly and nakedly and obviously corrupt, I\u2019m not sure it can be overstated.\u201d<\/p>\n

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\u201cThe most brazen act of self-dealing our financial system has ever seen,\u201d said Elizabeth Warren.<\/p>\n","protected":false},"author":1,"featured_media":1485,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"yoast_head":"\nTrump Family Crypto Empire Wins Approval for Bank Charter - Smart Moving Home<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/smartmovinghome.com\/?p=1486\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump Family Crypto Empire Wins Approval for Bank Charter - Smart Moving Home\" \/>\n<meta property=\"og:description\" content=\"\u201cThe most brazen act of self-dealing our financial system has ever seen,\u201d said Elizabeth Warren.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/smartmovinghome.com\/?p=1486\" \/>\n<meta property=\"og:site_name\" content=\"Smart Moving Home\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-15T15:36:55+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/smartmovinghome.com\\\/?p=1486#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/smartmovinghome.com\\\/?p=1486\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/smartmovinghome.com\\\/#\\\/schema\\\/person\\\/ec0d70042821fd684a174c8d0e8becfa\"},\"headline\":\"Trump Family Crypto Empire Wins Approval for Bank Charter\",\"datePublished\":\"2026-08-15T15:36:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/smartmovinghome.com\\\/?p=1486\"},\"wordCount\":567,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/smartmovinghome.com\\\/?p=1486#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/smartmovinghome.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/b4687d853c164524009bafa6a2e407a0.jpg\",\"articleSection\":[\"Interesting\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/smartmovinghome.com\\\/?p=1486#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/smartmovinghome.com\\\/?p=1486\",\"url\":\"https:\\\/\\\/smartmovinghome.com\\\/?p=1486\",\"name\":\"Trump Family Crypto Empire Wins Approval for Bank Charter - 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