World Liberty Financial Receives Preliminary Federal Bank Charter Approval
World Liberty Financial received preliminary conditional approval from the OCC to operate as a federally chartered national trust bank for its stablecoin.
The Office of the Comptroller of the Currency granted preliminary conditional approval to World Liberty Trust, the trust company of the cryptocurrency venture founded by Donald Trump and his sons, to become a federally chartered national trust bank. This status would authorize the firm to issue, redeem, and safeguard USD1, a dollar-backed stablecoin valued at approximately $4 billion.
To receive final approval, World Liberty Trust must satisfy specific conditions and undergo a final examination by the regulator. Zach Witkoff, Chief Executive of World Liberty Financial, stated that the firm accepted the obligations and scrutiny associated with a national charter, noting that they would not have chosen federal supervision if they sought less oversight.
Senator Elizabeth Warren criticized the move, citing concerns over financial conflicts of interest and corruption. The development coincides with a legislative stalemate over the Clarity Act, a bill designed to regulate digital assets that has stalled due to disagreements regarding ethics language and government officials profiting from digital assets.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play