A cryptocurrency venture backed by Donald Trump, World Liberty Financial (WLF), has received conditional approval for a banking licence from the US Office for the Comptroller of the Currency (OCC). This preliminary approval for a national bank trust charter allows WLF to pursue its plans of issuing dollar-backed stablecoins and providing digital asset custody.

The approval arrives as the Trump family's involvement in the crypto sector becomes a political focal point. Democrats have advocated for an "ethics clause" in crypto legislation to prevent government officials from profiting from the industry while in office. Donald Trump reportedly earned over $1.16bn in crypto sales and memecoin royalties last year.

WLF was established in late 2024 by Trump's sons and the sons of his envoy, Steve Witkoff. The OCC, under head Jonathan Gould, has been encouraging applications for banking licences, noting a significant increase in submissions. To operate fully, WLF must meet conditions including capital requirements and adhering to its submitted business plan. The company has appointed Daniel Dietzel as CFO.