The Office of the Comptroller of the Currency (OCC) has granted conditional approval for a bank charter application from World Liberty Financial, a cryptocurrency firm associated with the Trump family. This announcement was made on Friday, with the OCC stating that final approval will depend on the completion of all pre-opening requirements.
The OCC's letter indicated that the bank plans to issue dollar-backed stablecoins and manage customer assets. The cryptocurrency industry has shown support for Donald Trump during the 2024 election, anticipating a less stringent regulatory environment compared to the Biden administration.
Since 2025, the OCC has received 40 de novo charter applications, approving 21 and denying two, while still reviewing the remaining applications. World Liberty Financial has faced scrutiny from congressional Democrats, including inquiries from Rep. Gregory Meeks regarding the firm during a Treasury Secretary's appearance on Capitol Hill.