Trump-Backed Crypto Company World Liberty Financial Receives Conditional Bank Charter, Prompts New Anti-Corruption Legislation

The Office of the Comptroller of the Currency (OCC) has granted World Liberty Trust Co., a crypto company with ties to former President Donald Trump, preliminary conditional approval for a national trust bank charter. This charter allows the company to engage in fiduciary and trust-related activities and take over the issuance of its USD1 stablecoin. In response, Senator Elizabeth Warren and colleagues announced they would introduce the "Ending Presidential Corruption in Banking Act" to prohibit presidents, their families, and other senior government officials from owning or controlling a bank, citing concerns about self-dealing and the integrity of the banking system.