The Office of the Comptroller of the Currency announced the move on Friday afternoon, which Democrats will argue raises conflict-of-interest concerns. Final approval of the bank charter will not be granted until all pre-opening requirements are met, according to a letter from the OCC.
“This preliminary conditional approval is granted based on a thorough evaluation of all information available to the OCC, including the representations and commitments made in the application and by the Bank’s representatives,” the letter reads.
The OCC’s letter said that the bank’s proposed actions include issuing dollar-backed stablecoins. It will also allow the firm to hold and manage assets for customers.
The cryptocurrency industry pulled hard for President Donald Trump during the 2024 election, with hopes that the administration would have a far lighter regulatory touch when it comes to the nascent asset class than the Biden administration had.
There has also been a push by some for the formation of new banks, known as de novo chartering.
During the entirety of the Biden administration, there were 18 de novo applications, and regulators approved only half.
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Since 2025, the OCC has received 40 de novo charter applications and approved 21, while denying two. The federal regulator is still reviewing the others.
World Liberty Financial has come under fire from congressional Democrats. For instance, earlier this year, Rep. Gregory Meeks (D-NY) grilled Treasury Secretary Scott Bessent about World Liberty Financial during one of the secretary’s appearances on Capitol Hill.
