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'Brazen Act of Self-Dealing': Trump Regulator Approves Trump Family Crypto Firm's Bank Application
Common Dreams • • business
Key Points:
- The Office of the Comptroller of the Currency (OCC), led by Jonathan Gould and appointed during the Trump administration, granted preliminary approval to World Liberty Financial's application for a federal bank charter.
- World Liberty Financial, a crypto venture launched in 2024 by Donald Trump Jr. and Eric Trump, is 38% owned by an entity affiliated with Donald Trump and his family members.
- The approval has drawn criticism from lawmakers like Sen. Elizabeth Warren, who called it "the most brazen act of self-dealing our financial system has ever seen," citing conflicts of interest concerns.
- If finalized, the charter would allow World Liberty Financial to issue its USD1 stablecoin directly and custody the US dollar assets backing it, functions currently managed by a partner, BitGo.
- The OCC's approval aligns with the Trump administration’s crypto-friendly stance and follows similar preliminary approvals granted to other crypto firms like Ripple and Circle.
