{
  "id": 11244947,
  "title": "Why Trump’s Crypto Business Wants to Become a Bank",
  "url": "https://urgent.news/2026/10/01/why-trumps-crypto-business-wants-to-become-a-bank",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-01T17:19:20.000Z",
  "source": {
    "name": "Mother Jones",
    "slug": "mother-jones",
    "url": "https://www.motherjones.com/politics/2026/10/trump-world-liberty-financial-bank/"
  },
  "original_language": "en",
  "account": "One of Donald Trump's most profitable businesses is set to become a bank, despite facing opposition from Senator Elizabeth Warren. The Office of the Comptroller of the Currency (OCC) recently declared that Donald Trump's controversial crypto company, World Liberty Financial, could begin the process of establishing itself as a bank. This move raises concerns about conflicts of interest, given that the OCC's leader was appointed by Trump.\n\nTrump's crypto journey reportedly began due to the family's frustration with banks after they were \"debanked\" and \"deplatformed\" following the 2020 election and the January 6 Capitol riot. Eric Trump stated that banks had cancelled their accounts without reason, except for the fact that his father was in politics. The Trumps claim that World Liberty Financial was established to address the issues they faced with traditional banking.\n\nWorld Liberty Financial operates as a \"DeFi\" company, aiming to provide decentralized financial services through blockchain technology. However, the company has not fully realized this vision, as it currently lacks the ability for the public to utilize its services for traditional banking activities. Instead, it has created a stablecoin called USD1, which is designed to maintain a value of $1.\n\nStablecoins are useful for moving money between different crypto currencies or between partners without having to use actual US dollars. While stablecoin companies generate revenue by accepting US dollars in exchange for their stablecoins and investing that real money in Treasury notes, World Liberty has had to partner with an actual bank to hold onto customer funds, splitting the profits.\n\nCritics, such as Senator Warren, argue that granting World Liberty Financial a preliminary charter is problematic due to conflicts of interest, national security risks, anti-money laundering vulnerabilities, and a lack of competent management. Despite these concerns, the current Comptroller of the Currency, Jonathan V. Gould, who was appointed by Trump, can be fired by Trump. Four other stablecoin issuers have received conditional approval to become banks, with at least one receiving final approval under the Trump administration.\n\nSome experts believe that the Trump administration's shift towards accommodating the crypto industry has contributed to the favorable treatment of stablecoin companies seeking bank charters. Donors linked to the crypto industry also heavily supported Trump during the 2024 election and contributed to his victory celebrations. This financial backing, coupled with the administration's own interest in the crypto industry, has influenced the OCC's decision-making process.",
  "summary": "In a move that Sen. Elizabeth Warren has decried as a “clear conflict of interest and corruption,” one of the Trump Family’s most lucrative businesses is on its way to becoming a bank. And it’s set to be regulated by a government entity whose leader was appointed by, you guessed it…Donald Trump. In August, the […]",
  "key_points": [
    "Donald Trump's crypto company, World Liberty Financial, seeks bank status.",
    "Controversial move faces opposition from Senator Elizabeth Warren.",
    "Current OCC leader, appointed by Trump, can be fired by Trump."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}