# Trump Crypto Firm Aims to Become Bank

> Trump’s crypto company seeks bank status amid regulatory shifts.
- Title: Trump Crypto Firm Aims to Become Bank · Mother Jones
- Summary: Trump’s crypto company seeks bank status amid regulatory shifts. World Liberty Financial, a Trump family crypto firm, received preliminary bank approval from…
- Keywords: world liberty financial, trump family, occ, decentralized finance, stablecoin, crypto regulation, senator warren, comptroller of currency, bank charter, passivity agreement, fdic, Trump
- Source: Mother Jones — https://motherjones.com/politics/2026/10/trump-world-liberty-financial-bank
- Author: Russ Choma
- Published: 2026-10-01T13:19:20+00:00
- Read time: 2 min
- Topics: world liberty financial, trump family, occ, decentralized finance, stablecoin, crypto regulation, senator warren, comptroller of currency, bank charter, passivity agreement, fdic
## 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.
## Key takeaway

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.