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A US banking regulator is granting preliminary conditional approval to World Liberty Financial\u2019s application for a new national trust bank.<\/p>\n
The Office of the Comptroller of the Currency says<\/a> it reviewed the application from the President Trump-backed firm to establish the World Liberty Trust Company, National Association bank for\u00a0stablecoin operations and digital asset custody.<\/p>\n The bank plans to issue and redeem the USD1 stablecoin, maintain reserves in a non-fiduciary capacity, provide fiduciary digital asset custody and offer limited conversion services for custody customers.<\/p>\n USD1 is a core product of World Liberty Financial.<\/p>\n Says the OCC,<\/p>\n \u201cThe OCC hereby grants preliminary conditional approval of your charter application upon determining that your proposal meets certain regulatory and policy requirements.\u201d<\/em><\/p>\n Senator Elizabeth Warren is criticizing the decision as self-dealing and announcing new legislation.<\/p>\n Warren says on Bluesky,<\/p>\n \u201cThis is the most brazen act of self-dealing our financial system has ever seen. I\u2019m introducing a bill to stop this kind of unprecedented corruption.\u201d<\/em><\/p>\n The proposed Ending Presidential Corruption in Banking Act would prohibit approvals and ownership by presidents, vice presidents and family members in banking charters.<\/p>\n The bill text declares: \u201cThis Act may be cited as the \u2018Ending Presidential Corruption in Banking Act\u2019.\u201d<\/p>\n Follow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>  <\/p>\n
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\n<\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n