Author: Cointelegraph

Translated by: Shenchao TechFlow

Under the scrutiny of numerous lawmakers and allegations of conflicts of interest, the Office of the Comptroller of the Currency (OCC) conditionally approved World Liberty's application to establish a national trust bank.

In a notice released on Friday, the OCC stated that this conditional approval for World Liberty's license application (subject to specific regulatory and policy requirements) would allow the company to operate under the name "World Liberty Trust Company, National Association." According to its application, the World Liberty bank proposed to issue USD-backed stablecoins and custody digital assets related to the company's USD1 token.

The OCC's approval comes amid concerns about potential conflicts of interest between World Liberty and the Trump family. The President and his three sons are linked to the company, and OCC head Jonathan Gould was nominated by Trump in 2025. World Liberty's website also states that an entity of the Trump family controls 38% of the company's equity.

The agency stated, "The Comptroller and the staff have consistently followed their statutory duties and ethical obligations in treating this application." After receiving a letter from Senator Elizabeth Warren, Gould stated that the application would be reviewed in a "depoliticized, non-partisan process."

In response to the approval, Warren stated on Friday that she has introduced legislation "to stop this unprecedented corruption," calling the OCC's actions "the most shameless act of self-interest ever witnessed in our financial system." She, along with nine other senators, jointly introduced the "Ending Presidential Corruption in Banking Act" following the approval.

Under the Trump administration and Gould's leadership, the OCC has approved or conditionally approved applications from several crypto companies seeking trust licenses to expand their businesses in the U.S. Last December, after Congress passed the GENIUS stablecoin bill, the agency approved the applications of Circle, Ripple Labs, Crypto.com, and Coinbase.

World Liberty's Connections to the UAE Under Congressional Scrutiny

At the time of the OCC's approval, many lawmakers continued to call for an investigation into World Liberty's connections with foreign entities that may influence U.S. policy through Trump.

Reports indicate that an Abu Dhabi investment firm backed by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan acquired a 49% stake in World Liberty for $500 million in January 2025. Another UAE entity, MGX, utilized World Liberty's USD1 stablecoin to invest $2 billion in crypto exchange Binance. Trump later granted a presidential pardon to former Binance CEO CZ.

White House spokespeople have repeatedly stated that Trump's investments "present no conflict of interest."