Trump-backed crypto project World Liberty Financial is expected to soon receive approval to operate as a national trust bank, amid concerns over potential conflicts of interest involving the U.S. president.

According to a Tuesday report from NOTUS, the Office of the Comptroller of the Currency's Jonathan Gould is set to announce his decision on World Liberty Financial's application shortly.

Two anonymous former staffers at the OCC told the news outlet that the approval is nearly guaranteed, with one source saying that a rejection of the application was "inconceivable."

In January, World Liberty Financial established a U.S. trust company and filed the application to the OCC, following the regulator's conditional approval of several crypto companies, including Circle, Ripple, and BitGo.

The federal trust bank charter grant would allow World Liberty to issue and redeem its USD1 (USD1) stablecoin, manage reserves, provide digital asset custody, and offer conversion and settlement services under a single federal regulator. 

This would preempt many state regulations, enhance credibility with U.S. institutions, enable more efficient on-platform payments and settlements, and allow direct issuance without relying on third-party intermediaries. BitGo currently serves as its intermediary.

Concerns

The OCC approval, however, will likely fuel further political backlash over the current U.S. president's potential conflicts of interest.

Donald Trump and his family hold substantial financial interests in World Liberty, which they co-founded a few months before the 2024 presidential election. Its disclosures show that 75% of the proceeds from WLFI's native token sale go to a Trump-controlled entity, DT Marks DEFI LLC. 

Reuters estimated in a June 9 report that the Trump family has made more than $2.3 billion in profits across four crypto ventures since the start of Trump's second term — with World Liberty accounting for the largest share.

Earlier this year, the House of Representatives launched a probe into potential conflicts of interest and national security risks, examining World Liberty's USD1 stablecoin following a reported $500 million UAE investment in the firm and a linked $2 billion Binance deal, which coincided with U.S. AI chip export approvals. 

During a February Senate Banking Committee hearing, Democratic Senator Elizabeth Warren pressed Gould on his review of World Liberty's application, asking whether he would deny or at least delay the grant, given the alleged conflicts of interest and risks to national security.

"Consistent with my statutory obligations, we will process that application as we process all applications, and I would note that the only political pressure I have felt from any part of the United States government, senator, is from you," Gould said in response.

"If you follow the law, you will reject the president's application," Warren said. "As soon as you approve that application — and we all know you're going to approve it — you go from being a cheerleader for President Trump to an accomplice in his corruption."

The White House has also pushed back on such concerns, saying that Trump's assets are held in a trust managed by his children and that no conflict of interest exists. 

The Block has reached out to World Liberty and the OCC for further comment.