Link: https://abcnews.com/Business/trump-linked-crypto-venture-world-liberty-trust-granted/story?id=135668756

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The original was posted on /r/cryptocurrency by /u/Impressive_Box4144 on 2026-08-16 15:37:28+00:00.

Original Title: Trump-Linked Crypto Venture, World Liberty Trust Co., Has Been Granted Conditional Bank Charter Approval From The O.C.C, Letting The Family’s Crypto Firm Issue Its Own Stablecoin As Senator Elizabeth Warren Calls It “The Most Brazen Act Of Self-Dealing” In Financial History 💰💥

The Office of the Comptroller of the Currency has granted World Liberty Trust Co., a business 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members,” conditional approval to establish a national bank charter, marking the first time in U.S. history that a sitting president’s family company has been granted bank status. The Friday approval allows the Trump family’s crypto venture to directly issue its own stablecoin, a dollar-pegged digital currency, cutting out the third-party provider BitGo that World Liberty Financial had previously relied on. Because stablecoins tied to the dollar or other stable assets avoid the volatility of currencies like Bitcoin, they’re more attractive to large institutional clients for payments, money transmission, and storing value, according to the SEC, meaning the new charter opens the door to bigger clients and higher profits flowing directly to the Trump family’s business.

The financial stakes are already substantial. World Liberty Financial secured roughly $5 billion in value in its first days after going public, based on token pricing at the time, and Trump himself reported earning more than $1.4 billion in business revenue from his family’s crypto ventures on his financial disclosures. Abu Dhabi’s state-backed investment firm MGX invested an additional $2 billion in the company in May 2025, pledging to use the family’s USD1 stablecoin in large transactions with crypto exchange Binance, a deal that drew scrutiny after the Trump administration subsequently agreed to supply the UAE with advanced American AI chips despite prior concerns from earlier administrations that such technology could reach China. World Liberty Financial co-founder Zach Witkoff, son of Trump’s Middle East envoy Steve Witkoff, called the MGX deal “only the beginning” at a Dubai crypto convention alongside Eric Trump.

Democratic lawmakers are raising alarms over the arrangement. Senate Banking Committee Ranking Member Elizabeth Warren wrote to the Comptroller in January urging a halt to approval of Trump-linked ventures, and after the preliminary approval, called it “the most brazen act of self-dealing our financial system has ever seen,” writing, “for the first time in history, the president of the United States would be in charge of overseeing his own financial company.” She announced plans to introduce legislation “to stop this kind of unprecedented corruption.” The White House disputes any conflict exists. Spokeswoman Anna Kelly said Trump’s assets are held in a trust “managed by his children,” calling it a blind trust and stating, “there are no conflicts of interest,” though a true blind trust typically requires an independent, non-family trustee. The OCC defended its process, stating, “the Comptroller and staff acted consistently with their statutory duties and ethical obligations with respect to the Application,” and noted the charter won’t be fully finalized until the company meets additional conditions, including raising more capital.