🇺🇸 BREAKING: Trump's crypto empire just got a federal bank charter, and the regulator who approved it? Trump appointed him.
World Liberty Financial just won conditional OCC approval to launch its own national trust bank.
The target: direct control over USD1, the $4 BILLION stablecoin already tied to the Trump family.
Right now, USD1 issuance and reserves are handled by a third party, BitGo. This charter cuts out the middleman entirely.
Once finalized, World Liberty issues its own stablecoin, holds its own reserves, and answers to federal banking regulators instead of outside custodians.
The approval came from Comptroller Jonathan Gould. Trump appointed him to run the OCC last year.
Democrats have been sounding alarms on this for months. Senator Elizabeth Warren called it a straight conflict of interest and pushed Gould to reject it, warning that greenlighting it would make him complicit.
The OCC's response: career staff reviewed it, not political appointees, and Gould "met his statutory duties."
USD1 already ranks as the 4th-largest stablecoin in the world. This charter hands the Trump-linked venture the exact machinery banks use to issue and back digital dollars, nationwide, under one federal roof.
It's not final yet. World Liberty still has to meet conditions, including holding at least $20 million in capital.
But the direction is clear: crypto tied to a sitting president's family is being fast-tracked into the U.S. banking system by regulators he installed.
Watch this space.
#Crypto #Trump #Stablecoin #USD1 #Bitcoin
World Liberty Financial just won conditional OCC approval to launch its own national trust bank.
The target: direct control over USD1, the $4 BILLION stablecoin already tied to the Trump family.
Right now, USD1 issuance and reserves are handled by a third party, BitGo. This charter cuts out the middleman entirely.
Once finalized, World Liberty issues its own stablecoin, holds its own reserves, and answers to federal banking regulators instead of outside custodians.
The approval came from Comptroller Jonathan Gould. Trump appointed him to run the OCC last year.
Democrats have been sounding alarms on this for months. Senator Elizabeth Warren called it a straight conflict of interest and pushed Gould to reject it, warning that greenlighting it would make him complicit.
The OCC's response: career staff reviewed it, not political appointees, and Gould "met his statutory duties."
USD1 already ranks as the 4th-largest stablecoin in the world. This charter hands the Trump-linked venture the exact machinery banks use to issue and back digital dollars, nationwide, under one federal roof.
It's not final yet. World Liberty still has to meet conditions, including holding at least $20 million in capital.
But the direction is clear: crypto tied to a sitting president's family is being fast-tracked into the U.S. banking system by regulators he installed.
Watch this space.
#Crypto #Trump #Stablecoin #USD1 #Bitcoin