World Liberty Financial received preliminary approval from the Office of the Comptroller of the Currency, or OCC, on Aug. 14 to become a national trust bank, according to Techub News, citing CryptoBriefing. The decision came after a 221-day review process. If the charter takes effect, the firm would be able to issue, redeem, and custody its USD1 stablecoin directly under federal oversight. USD1 is currently managed by BitGo, but reserve management would move under direct OCC supervision once the charter is in place. The report also said the entity would not be allowed to accept insured deposits or make loans, reflecting the limits attached to a national trust structure. CryptoBriefing added that entities linked to the Trump family hold a 38% stake in the company. The approval arrived as the U.S. Senate reviews the CLARITY Act, a bill aimed at regulating gains that public officials may derive from cryptocurrency holdings.
World Liberty Financial received preliminary approval from the U.S. Office of the Comptroller of the Currency on Aug. 14 to become a national trust bank, Techub News reported, citing CryptoBriefing.
The charter followed a 221-day review. If finalized, it would allow the company to issue, redeem, and custody the USD1 stablecoin directly while operating under federal supervision.
USD1 is currently managed by BitGo. After the charter is approved, reserve management would shift to direct OCC oversight. The institution would not be permitted to accept insured deposits or make loans.
CryptoBriefing also said entities tied to the Trump family hold a 38% stake in the company. The approval came as the U.S. Senate reviews the CLARITY Act, which is intended to regulate gains earned by public officials from cryptocurrency assets.
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