World Liberty Financial ($WLFI), the DeFi project of US President Donald Trump and his family, which recently made headlines due to tensions with Tron (TRX) founder Justin Sun, is making new moves.
Accordingly, $WLFI is very close to receiving approval to establish a bank in the United States.
According to NOTUS, $WLFI is expected to soon receive approval to operate as a national trust bank amid concerns about potential conflicts of interest with the U.S. president.
According to the report, the U.S. Office of the Comptroller of the Currency (OCC) will soon announce its final decision on the bank license application. Two former OCC employees, who spoke to NOTUS on condition of anonymity, see approval as almost certain.
If the license is approved, $WLFI will have a significant advantage in directly issuing its own stablecoin, USD1. At this point, the federal trust bank establishment permit will allow World Liberty to issue and repurchase bonds worth $1.
The company will also be able to manage reserves, provide cryptocurrency custody services, and offer payment and clearing services, all under a single federal regulatory framework.
Although approval was considered a certainty, World Liberty Financial’s application for a bank license was met with objections from senators and banking groups. Democratic Senator Elizabeth Warren asked the OCC to delay its review of the application due to conflicts of interest and national security concerns.
In this context, experts predict that OCC approval will further escalate political backlash against US President Donald Trump regarding potential conflicts of interest.
As you may recall, World Liberty Financial applied to the OCC earlier this year for a national trust bank license. This application followed the OCC’s conditional approval of several crypto companies, including Circle, Ripple, and BitGo.
*This is not investment advice.
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