The controversial crypto project WLFI▲$0.0613, directly tied to President Donald Trump’s family, is now on the verge of getting a license from the OCC. We break down what changes and why critics are unhappy.
World Liberty Financial is close to securing a national trust bank charter from the Office of the Comptroller of the Currency. According to NOTUS, OCC head Jonathan Gould is expected to announce a decision soon on the application, which was filed on January 5, 2026.
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Former agency officials say approval is “all but guaranteed” and that a rejection would be “unthinkable.” The license would let the company issue and redeem its USD1 stablecoin, manage reserves, and custody digital assets without intermediaries. WLFI currently uses BitGo as its custodian.
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What the OCC License Does for WLFI and Other Crypto Projects
If approved, the new division will operate as World Liberty Trust Company. A national trust bank charter comes with several advantages:
- Issuing stablecoins without intermediaries
- Settling payments on its own platform
- Operating under federal oversight rather than state regulators
- Accessing a unified legal framework across the US
Most importantly, WLFI would be able to handle USD1▲$0.9998 issuance and redemption independently, boosting its credibility with institutional partners.
In December 2025, the OCC conditionally approved five trust bank charter applications from crypto companies, including Circle, Ripple, BitGo, Paxos, and Fidelity Digital Assets. In February 2026, Bridge, a Stripe-owned platform, received similar conditional approval. In April, Coinbase got the green light to create Coinbase National Trust Company.
Read more: Investors Lost $2.3 Billion on Trump Crypto — Trump’s Family Allegedly Made the Same Amount
WLFI and the License: Why Critics Are Condemning Trump
The potential approval has drawn sharp criticism from Democrats and public interest groups. Consumer Federation of America investor protection director Cory Frayer said:
“For the first time in history, a president is using a banking regulator to give his private business the implicit backing of the federal government. This is outrageous.”
Senator Elizabeth Warren demanded the application be rejected at a February hearing, calling approval “complicity in corruption.”
World Liberty Financial denies the accusations. Company spokesman David Wacksman said none of its executives or employees work for the government and that there is no conflict of interest. He emphasized that if approved, the company would be subject to strict OCC oversight.
Donald Trump and his family hold a significant stake in the project. Seventy-five percent of the revenue from WLFI token sales goes to a structure controlled by the president.
Learn more: Trump Family Crypto Failures — Why WLFI, ABTC, and TRUMP Token Collapsed
