World Liberty Financial Receives Preliminary Approval for Federal Trust Bank Charter
World Liberty Financial, a cryptocurrency company with ties to the Trump family, has been granted preliminary approval by the U.S. Treasury Department's Office of the Comptroller of the Currency to establish a federally chartered trust bank. This charter would permit…
Denver, CO, August 18, 2026 —
World Liberty Financial, a cryptocurrency firm reportedly linked to President Trump and his family, has received preliminary approval from the U.S. Treasury Department’s Office of the Comptroller of the Currency (OCC) to establish a federally chartered trust bank.
The OCC’s approval allows World Liberty Financial to proceed with establishing a bank charter, which would enable the company to manage its own dollar-backed stablecoin. However, the preliminary charter explicitly prohibits the company from engaging in deposit-taking or making loans.
The decision has generated criticism from various groups who have raised concerns about potential conflicts of interest. These critics point to the fact that President Trump appointed the regulators who oversee the financial industry, an industry in which his family’s company now stands to potentially profit.
In light of these concerns, Senate Democrats have announced plans to introduce new legislation. The proposed bill, titled the “Ending Presidential Corruption in Banking Act,” seeks to bar federal officials and their family members from owning or controlling banks while they are in public service.
Further details regarding the timeline for the finalization of the charter or specific individuals within the Trump family associated with World Liberty Financial were not immediately available.
Story summarized from the original created by Scripps News Group on www.denver7.com, see more information here.
