From Mother Jones · Russ Choma · · 2m
Trump Crypto Firm Aims to Become Bank
Trump’s crypto company seeks bank status amid regulatory shifts.
In brief
Trump’s crypto company seeks bank status amid regulatory shifts. World Liberty Financial, a Trump family crypto firm, received preliminary bank approval from the OCC but faces scrutiny over conflicts of interest and regulatory oversight. Originally reported by Mother Jones.
Trump Family Crypto Firm Targets Bank Status
World Liberty Financial, a Trump family crypto company, received preliminary bank approval from the Office of the Comptroller of the Currency in August 2024.
Senator Warren Calls It a Conflict of Interest
Senator Elizabeth Warren decried the move as a 'clear conflict of interest and corruption' due to the president appointing the OCC leader.
“clear conflict of interest and corruption”
Trump Family’s Crypto Origins
Eric Trump said the family entered crypto after banks canceled accounts due to his father’s political involvement in the 2020 election aftermath.
“I never thought I’d fall into the world of crypto until every bank began cancelling us for absolutely no reason other than the fact that my father was in politics”
World Liberty Financial’s Crypto Model
World Liberty Financial aims to be a decentralized finance company, allowing financial activities on blockchain instead of traditional banking systems.
Stablecoin USD1 Launched
World Liberty Financial created a stablecoin called USD1, designed to stay valued at $1 for cross-currency transactions.
Regulatory Approval Process
World Liberty Financial received preliminary approval from the OCC but must raise funds and meet additional requirements before full bank operation.
Passivity Agreement Signed
Eric Trump signed a passivity agreement to prevent family involvement in daily bank management decisions.
OCC Leader Appointed by Trump
Jonathan V. Gould, the current Comptroller of the Currency, was appointed by Trump in July 2024 and can be fired by him.
Crypto Companies Get Bank Approvals
Four stablecoin issuers received conditional bank approvals from the OCC since 2025, with one company getting approval under the Biden administration.
Regulatory Concerns Over Credibility
World Liberty Financial lacks FDIC backing but gains implied government credibility as a national trust bank.
Former Regulator Highlights Risk
A former regulator said the Trumps’ financial interest and policy access pose greater risks than their direct involvement in bank operations.
The short version
World Liberty Financial, a Trump family crypto firm, received preliminary bank approval from the OCC but faces scrutiny over conflicts of interest and regulatory oversight.
