{"id":456,"date":"2026-06-16T10:14:33","date_gmt":"2026-06-16T10:14:33","guid":{"rendered":"https:\/\/modernhomejournals.com\/?p=456"},"modified":"2026-06-16T10:14:33","modified_gmt":"2026-06-16T10:14:33","slug":"trumps-family-crypto-firm-is-expected-to-get-federal-banking-privileges","status":"publish","type":"post","link":"https:\/\/modernhomejournals.com\/?p=456","title":{"rendered":"Trump\u2019s Family Crypto Firm Is Expected to Get Federal Banking Privileges"},"content":{"rendered":"
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President Donald Trump\u2019s family crypto business is expected to soon be allowed to operate like a bank \u2014 a decision that would give U.S. companies a new route to steer money to the president.<\/p>\n

Read more D.C. Voters Head to Polls for High-Stakes Primary Election<\/a><\/p>\n

World Liberty Financial, the stablecoin and trading platform co-founded by Trump and his three sons, applied for a national trust bank charter with the Office of the Comptroller of the Currency, or OCC, on Jan. 5. The Trump-appointed head of the OCC, Jonathan Gould, is due to announce his decision soon, and industry experts and congressional aides expect it to go in the Trump family\u2019s favor.<\/p>\n

Two former staffers at the banking regulator, speaking on the condition of anonymity for fear of professional reprisals, said it is all but certain that the OCC will approve the charter for Trump\u2019s firm, with one saying it was \u201cinconceivable\u201d that the application would be denied.<\/p>\n

Gould has granted approval<\/u><\/span> to about a dozen similar crypto firms since assuming the role and changed the criteria for bank charters to be more crypto friendly. World Liberty Financial has argued that it meets the OCC\u2019s new criteria for a bank charter. Good-government advocates and Democratic lawmakers say approving the Trump family\u2019s crypto business would pose an unprecedented conflict of interest.<\/p>\n

A \u201cnational trust bank charter\u201d comes with significant legal and financial benefits: It would allow World Liberty Financial to settle financial transactions akin to Venmo or PayPal on the World Liberty Financial platform, through which the Trump family could receive a cut.<\/p>\n

The bank charter would enable World Liberty Financial to publicly issue its stablecoin tokens \u2014 a cryptocurrency called \u201cUSD1\u201d \u2014 domestically, without having to go through an intermediary institution. National charters also allow financial organizations to preempt state regulation, including liquidity requirements aimed at ensuring bank solvency.<\/p>\n

\u201cFor the first time in history, a president is leaning on a bank regulator to give his private enterprise the implicit backing of the federal government,\u201d said Corey Frayer, the director of investor protection for Consumer Federation of America and a former aide to Democrats on the Senate Banking Committee. \u201cIt\u2019s outrageous.\u201d<\/p>\n

Spokespeople for the White House and the OCC did not return requests for comment. In a statement, David Wachsman, a spokesperson for World Liberty Financial, said that despite the company\u2019s ownership, \u201cnone of its leadership or employees work for the U.S. government, and there are no conflicts of interest.\u201d<\/p>\n

If granted charter approval, World Liberty Financial would be subject to \u201crobust and permanent regulatory oversight from the OCC,\u201d Wachsman said, citing requirements to open its books to bank examiners and comply with anti-money-laundering rules, consumer-protection statutes and the Bank Secrecy Act, among other laws. The company has also said<\/u><\/span> Trump has \u201chad no involvement in World Liberty Financial since taking office.\u201d<\/p>\n

\u201cApproval would be a victory for advocates of consumer protection and American innovation alike,\u201d Wachsman added.<\/p>\n

David Warrington, the White House counsel, previously said that<\/u><\/span> Trump has \u201cno involvement in business deals that would implicate his constitutional responsibilities.\u201d<\/p>\n

Founded a few months before the 2024 presidential election, World Liberty has financially benefitted the president and his family through a complicated legal structure.<\/p>\n

Trump owns 70% of an LLC \u2014 the rest of which is owned by unidentified Trump family members \u2014 that in turn owns 38% of the shares in a holding company that owns World Liberty Financial, according to the president\u2019s latest financial disclosure and the company\u2019s website, which has been updated within the last two months.<\/p>\n

World Liberty Financial offers two main products: a WLF \u201ctoken\u201d that allows investors to vote on company policy and a stablecoin, called \u201cUSD1,\u201d that functions as an alternative currency and a mechanism for settling financial transactions.<\/p>\n

In June 2025, Trump having personally earned $57 million from World Liberty Financial in a period that appears to only cover 2024. That number is expected to have ballooned into the hundreds of millions since then, according to Zach Everson, a research director at Public Citizen, a left-leaning advocacy group.<\/p>\n

The president has been listed as the company\u2019s \u201cchief crypto advocate\u201d and co-founder, a position he holds alongside Donald Trump Jr., Eric Trump and Barron Trump. Billionaire and Trump confidante Steve Witkoff was initially listed as a co-founder along with Witkoff\u2019s sons Alex and Zach, but Steve Witkoff has since divested from the company.<\/p>\n

Read more Kennedy Center Set to Launch New Endowment Under Trump\u2019s Name<\/a><\/p>\n

World Liberty Financial has already come under scrutiny for posing conflicts of interest.<\/p>\n

In October 2025, Trump pardoned<\/u><\/span> Changpeng Zhao, the founder of Binance, which holds<\/u><\/span> more than half of USD1s in circulation. The White House said Zhao, who was convicted on money laundering charges, was the victim of the Biden administration\u2019s overzealous \u201cwar on cryptocurrency.\u201d<\/p>\n

Four days before Trump\u2019s inauguration, a firm backed by top officials in the United Arab Emirates purchased<\/u><\/span> a 49% stake in the family crypto firm. The New York Times has reported that Pakistan agreed to work with an affiliate of World Liberty Financial<\/u><\/span> as it plays a central role in the administration\u2019s negotiations with Iran.<\/p>\n

Sen. Elizabeth Warren (D-Massachusetts) has to the national security dangers of the platform\u2019s transactions with PancakeSwap, a North Korea-linked exchange.<\/p>\n

The firm\u2019s financial position only stands to be enhanced by the credibility and capacity a federal charter would provide. While World Liberty would not be authorized to take deposits or receive federal deposit insurance, if the charter is approved the firm could begin to issue stablecoins directly to the American public. Currently, World Liberty Financial goes through BitGo, an intermediary crypto platform.<\/p>\n

U.S. companies would also have an incentive to settle large deals in USD1 because of its ties to the president, financial industry experts warn. World Liberty Financial under standard industry practice could take a small percentage of every transaction through its stablecoins.<\/p>\n

Granting World Liberty Financial a charter would be consistent with the new crypto-friendly regime at the OCC.A former partner at Jones Day who served as chief counsel at OCC in Trump\u2019s first term, Gould has pushed aggressively to grant charters to crypto firms that once were viewed skeptically by career staff.<\/p>\n

He has the wait time for charter approvals from as long as two years to a goal of just 120 days and has slashed staff by more than a quarter<\/u><\/span>, with cuts falling particularly heavily on senior management.<\/p>\n

Some experts have supported Gould\u2019s rapid approvals of bank charters for crypto firms broadly.<\/p>\n

Under prior OCC leaders, career staff moved far too slowly and inefficiently to give stablecoin issuers guidance, leaving them in regulatory limbo, according to Norbert J. Michel, the vice president and director of the Center for Monetary and Financial Alternatives at the Cato Institute, a libertarian-leaning think tank.<\/p>\n

Those delays led the U.S. to fall behind international competition in the crypto industry, Michel said.<\/p>\n

\u201cWhat we\u2019re talking about with the financial sector is different ways of getting money from one place to another. The more innovation we have with regard to that, the better off we are,\u201d Michel said. \u201cIf technology advances in a way that makes this much easier, we shouldn\u2019t try to hide it or prevent it or staunch it. You could get faster payment speeds, lower transaction costs and other consumer benefits we haven\u2019t figured out yet because this is still new.\u201d<\/p>\n

Michel stressed, however, he did not know enough about the circumstances of Trump\u2019s crypto firm to argue whether its charter should be approved.<\/p>\n

Gould has referred to Democratic scrutiny as \u201cthe only political pressure I\u2019ve felt from anyone\u201d on the issue.<\/p>\n

In response to questioning from Sen. Chris Van Hollen (D-Maryland) in February, Gould said<\/u><\/span>, \u201cIf you\u2019re suggesting the president would do anything inappropriate or illegal, then I reject that assertion.\u201d<\/p>\n

Read more There\u2019s Only Room for One Dan Sullivan in Alaska Senate Race<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Trump-appointed bank regulators\u2019 crypto-friendly approach is likely to extend to World Liberty Financial, despite ethics concerns.<\/p>\n","protected":false},"author":1,"featured_media":455,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nTrump\u2019s Family Crypto Firm Is Expected to Get Federal Banking Privileges - Modern Home Journals<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/modernhomejournals.com\/?p=456\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump\u2019s Family Crypto Firm Is Expected to Get Federal Banking Privileges - Modern Home Journals\" \/>\n<meta property=\"og:description\" content=\"Trump-appointed bank regulators\u2019 crypto-friendly approach is likely to extend to World Liberty Financial, despite ethics concerns.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/modernhomejournals.com\/?p=456\" \/>\n<meta property=\"og:site_name\" content=\"Modern Home Journals\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-16T10:14:33+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/#\\\/schema\\\/person\\\/533de239efc09a2ab59959cc1bff86d0\"},\"headline\":\"Trump\u2019s Family Crypto Firm Is Expected to Get Federal Banking Privileges\",\"datePublished\":\"2026-06-16T10:14:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456\"},\"wordCount\":1338,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/modernhomejournals.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/0e98b296c78cf7693018f63ebe89c35e-scaled.jpg\",\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/modernhomejournals.com\\\/?p=456#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456\",\"url\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456\",\"name\":\"Trump\u2019s Family Crypto Firm Is Expected to Get Federal Banking Privileges - Modern Home Journals\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/modernhomejournals.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/0e98b296c78cf7693018f63ebe89c35e-scaled.jpg\",\"datePublished\":\"2026-06-16T10:14:33+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/#\\\/schema\\\/person\\\/533de239efc09a2ab59959cc1bff86d0\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/modernhomejournals.com\\\/?p=456\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/modernhomejournals.com\\\/?p=456#primaryimage\",\"url\":\"https:\\\/\\\/modernhomejournals.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/0e98b296c78cf7693018f63ebe89c35e-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/modernhomejournals.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/0e98b296c78cf7693018f63ebe89c35e-scaled.jpg\",\"width\":2560,\"height\":1706,\"caption\":\"FILE - Then Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference on July 27, 2024, in Nashville, Tenn. 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