"The OCC's preliminary approval is great news for consumer and investor protection advocates and for the American financial services industry,” he said.
Trump has previously said he does not manage World Liberty Financial or the Trump Organization's businesses and that his children run the family enterprise.
Newsweek reached out to the White House for comment.
Warren's Bill Targets Trump-Linked Bank Approval
The proposed "Ending Presidential Corruption in Banking Act" would prohibit the Federal Reserve, OCC and Federal Deposit Insurance Corporation from approving a range of banking applications if they involve a president, vice president, member of Congress, certain executive branch officials, or immediate family members of a president or vice president.
According to the bill text, regulators could not approve an application if a covered person "owns, controls, or has the power to vote more than 10 percent of any class of voting securities of the bank," serves as a senior executive, or otherwise exercises a controlling influence over the institution.
The legislation would also require regulators to review banking approvals granted after January 20, 2025, and terminate charters, licenses, master accounts or deposit insurance if covered individuals owned or controlled the institution when the approval was granted.
Another section would make it unlawful for a president, vice president, or a spouse or child of either official to own or control a bank.
Why the World Liberty Crypto Bank Approval Matters
The OCC announced Friday that it had conditionally approved WLTC's application for a national trust charter after the company applied in January. The charter has not yet received final approval.
If approved, the trust bank would allow World Liberty to manage and hold assets on behalf of customers, settle payments and directly support issuance and custody of its USD1 stablecoin. Unlike traditional commercial banks, trust banks generally do not take deposits or make loans.
The OCC said the application was reviewed by career staff and stated that Comptroller Jonathan Gould and agency employees "acted consistently with their statutory duties and ethical obligations" in evaluating the proposal.
The regulator also imposed a number of conditions, including capital requirements and additional operational and governance controls before the bank can begin operating.
Trump's World Liberty Crypto Business Faces New Scrutiny
World Liberty Financial has become one of the most prominent businesses connected to the Trump family's expanding cryptocurrency interests.
The scrutiny comes as Trump has made support for the cryptocurrency industry a major part of his second-term agenda. His administration has backed pro-crypto policies and stablecoin legislation while promoting the country as a global hub for digital assets, prompting critics to question whether the president's public policy priorities overlap with his family's business interests in the sector.
Warren has previously raised similar concerns about Trump's cryptocurrency interests. During debate over the GENIUS Act, legislation regulating stablecoins, she argued the measure could increase the profitability of the Trump family's crypto ventures and create additional conflict-of-interest concerns.
Reuters reported that USD1, the company's dollar-backed stablecoin, has grown to roughly $4 billion in market value. The news agency also estimated that the Trump family earned about $50 million from the stablecoin through June 2026, while World Liberty Financial had generated more than $1.6 billion for Trump and his family as of April.
Trump has previously pushed back against allegations that his family's expanding crypto and business ventures create conflicts of interest. In a July interview with CNBC, he said his children face scrutiny because "almost anything they do" can generate conflict-of-interest allegations due to his position as president.
Democrats have argued that the application raised conflict-of-interest concerns because of Trump's financial ties to World Liberty. The OCC has maintained that the application was reviewed through its normal procedures and would be supervised by nonpolitical examiners.
Contact Newsweek editor for this story: Anthony Murray.
