The Office of the Comptroller of the Currency has granted preliminary conditional approval to World Liberty Financial for the establishment of a new national trust bank called World Liberty Trust Company, National Association. This bank will focus on stablecoin operations and digital asset custody.
One of the core products of the bank will be the issuance and redemption of the USD1 stablecoin. Additionally, it will provide fiduciary digital asset custody services and limited conversion services for custody customers while maintaining reserves in a non-fiduciary capacity.
Senator Elizabeth Warren has criticized the decision, calling it self-dealing, and has introduced new legislation called the Ending Presidential Corruption in Banking Act. This bill aims to prevent approvals and ownership of banking charters by presidents, vice presidents, and their family members.
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