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 Office of the Comptroller of the Currency (OCC) conditionally approved a crypto-linked bank on August 14, despite numerous conflicts of interest. World Liberty Trust Company, National Association, based in Florida, is a limited-purpose national trust bank with no employees, capital, or opening date. It plans to issue a dollar-backed stablecoin and provide custody and conversion services, but it cannot take deposits or make loans.

The bank would have to raise $20 million within 12 months or open within 18 months, or the approval would expire. The decision document listed every objection filed, including potential conflicts of interest involving the bank, President Donald J. Trump and his family, and United Arab Emirati investors. However, the OCC stated that comments regarding conflicts of interest, violations of law, or the Emoluments Clause related to certain purchases of WLFI tokens were outside their review scope.

The bank would need to maintain $20 million in tier 1 capital, reassess capital and liquidity quarterly, and conform stablecoin activities to the GENIUS Act, or face penalties. The bank has not yet opened, and the outcome remains uncertain.