World Liberty Financial (WLFI), the DeFi project associated with US President Donald Trump and his family, is expected to soon receive approval from the US Office of the Comptroller of the Currency (OCC) to operate as a national trust bank. Two former OCC employees, speaking anonymously to NOTUS, described approval as almost certain. The license would enable WLFI to directly issue its own stablecoin USD1, manage reserves, provide cryptocurrency custody services, and offer payment and clearing services under a single federal regulatory framework. The application has drawn political opposition, with Democratic Senator Elizabeth Warren requesting the OCC delay its review due to conflicts of interest and national security concerns.
Former OCC Employees Predict Approval for WLFI Bank License
According to NOTUS, the US Office of the Comptroller of the Currency (OCC) will soon announce its final decision on WLFI's bank license application. Two former OCC employees, who spoke to NOTUS on condition of anonymity, see approval as almost certain. World Liberty Financial applied to the OCC earlier this year for a national trust bank license. This application followed the OCC's conditional approval of several crypto companies, including Circle, Ripple, and BitGo.
National Trust Bank License Would Enable USD1 Stablecoin Issuance
If the license is approved, WLFI will have a significant advantage in directly issuing its own stablecoin, USD1. The federal trust bank establishment permit will allow World Liberty to issue and repurchase bonds worth $1. The company will also be able to manage reserves, provide cryptocurrency custody services, and offer payment and clearing services, all under a single federal regulatory framework.
Senator Warren Objects to WLFI Application Citing Conflicts of Interest
World Liberty Financial's application for a bank license was met with objections from senators and banking groups. Democratic Senator Elizabeth Warren asked the OCC to delay its review of the application due to conflicts of interest and national security concerns. Experts predict that OCC approval will further escalate political backlash against US President Donald Trump regarding potential conflicts of interest.
FAQ
What is World Liberty Financial applying for with the OCC?
World Liberty Financial applied to the US Office of the Comptroller of the Currency for a national trust bank license earlier this year.
Why does WLFI want a national trust bank license?
The license would allow WLFI to directly issue its own stablecoin USD1, manage reserves, provide cryptocurrency custody services, and offer payment and clearing services under a single federal regulatory framework.
Who objected to WLFI's bank license application?
Democratic Senator Elizabeth Warren asked the OCC to delay its review of the application due to conflicts of interest and national security concerns.
