A Trump-Linked Crypto Firm Just Won Approval for a National Bank, and the Regulator’s Decision Listed Every Conflict of Interest But Approved It Anyway

The institution the Office of the Comptroller of the Currency (OCC) conditionally approved on Aug. 14 cannot take deposits and cannot make a loan. It has no employees, no capital, and no opening date. If it fails to raise $20 million within 12 months, or fails to open within 18 months, the approval expires on its own terms. None of that is the interesting part.

The interesting part is the document, Corporate Decision #1385, filed under OCC control number 2026-Charter-344521, grants preliminary conditional approval to World Liberty Trust Company, National Association, of Bay Harbor Islands, Florida, a limited-purpose national trust bank connected to World Liberty Financial, the crypto venture whose co-founders include Eric Trump, Donald Trump Jr., and Barron Trump. And before it grants anything, the letter sets out, in the regulator's own words, every objection that was filed against it.

Start with what the bank would do. The decision describes its proposed activities as "dollar-backed stablecoin issuance and redemption and reserve maintenance in a nonfiduciary capacity; digital asset custody services as a fiduciary; and conversion services for custody customers." In plain terms, it plans to issue (USD1USD), World Liberty Financial's dollar-pegged stablecoin, to institutional clients nationwide, "assuming this role from BitGo Bank & Trust, National Association (BitGo), the current exclusive issuer and custodian for USD1."

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A trust charter is not a deposit-taking bank charter. The letter is explicit that under the GENIUS Act, "stablecoins are not deposits under the FDI Act," that payment stablecoins "shall not be subject to deposit insurance by the FDIC," and that it is unlawful to represent otherwise. Barchart has covered what a trust charter actually signals to Wall Street when Circle (CRCL) obtained one. And the approval is preliminary; final authorization to commence business "will not be granted until all preopening requirements are met."