• The Trump family's crypto company could obtain a US banking license.
• WLFI's application has sparked controversy in Washington.
• Critics of the potential approval call it "unthinkable" and "outrageous."

The crypto platform World Liberty Financial (WLFI), linked to US President Donald Trump and his family, is nearing receipt of a national trust bank charter from the OCC. This is reported by the outlet NOTUS, citing sources familiar with the matter.

Recall that the company filed its charter application back on January 5, 2026. If it is approved, the new division will operate under the name World Liberty Trust Company and gain the ability to issue the USD1 stablecoin directly within the US, as well as provide custody and settlement services without involving third-party financial institutions.

Trump Jr. spoke about closed bank accounts and the emergence of World Liberty Financial 02/19/2026 Read

The decision is to be made by OCC head Jonathan Gould, appointed by the Trump administration. According to the outlet's sources, the regulator is unlikely to reject the application.

One former OCC employee called such a scenario "unthinkable."

The license opens new opportunities for USD1

National trust bank status provides crypto companies with a number of advantages. In particular, it allows them to:

• issue stablecoins without intermediaries;
• carry out financial settlements on their own platform;
• operate under federal oversight instead of individual state regulators;
• gain access to a unified legal framework within the US.

Currently, WLFI uses the BitGo platform as an intermediary for operations with the USD1 stablecoin. After obtaining the license, the company will be able to perform some of these functions on its own.

The review of WLFI's application is taking place against the backdrop of a general softening of the OCC's approach to the crypto industry. In particular, in December 2025 the regulator conditionally approved five applications for trust banking licenses from crypto companies, including Circle, Ripple, BitGo, Paxos and Fidelity Digital Assets.

Later, in February 2026, Stripe's Bridge platform received similar conditional approval, and in April — the Coinbase exchange for the creation of Coinbase National Trust Company.

Critics speak of a conflict of interest

The possible approval of WLFI's application has already drawn criticism from Democrats and public organizations.

Cory Frayer, director of investor protection at the Consumer Federation of America, stated:

"For the first time in history, a president is using a banking regulator to grant his private business the implicit backing of the federal government. This is outrageous."

World Liberty Financial denies the accusations. Company representative David Waxman stated that "none of the company's executives or employees works for the US government, and there is no conflict of interest."

He also emphasized that, should the license be approved, the company would be subject to "robust and ongoing regulatory oversight by the OCC," including audits, anti-money-laundering requirements and compliance with consumer protection law.

According to Waxman, "approval would be a victory both for consumer protection advocates and for American innovation."

At the same time, Senator Elizabeth Warren, who had previously appealed to the OCC demanding an explanation of its practice of issuing trust licenses to crypto companies, has repeatedly spoken about the risks of an excessive convergence of the crypto sector and the banking system.

Previous disputes surrounding the project are also drawing additional attention to WLFI. In particular, the company found itself at the center of debates after a structure linked to the UAE government acquired a 49% stake in the business shortly before Trump's inauguration.

Source: Incrypted