BlockBeats News, August 15th – The Office of the Comptroller of the Currency (OCC) in the United States announced on Friday that it has granted "preliminary conditional approval" of a federal trust charter to the Trump-affiliated cryptocurrency project World Liberty Trust Co., paving the way for its takeover of World Liberty Financial's stablecoin USD1 issuance operation.

According to OCC documents, World Liberty Trust Co. has been authorized to conduct fiduciary activities and related trust services as a national trust bank. Final approval is subject to additional conditions, including pre-opening requirements.

World Liberty Trust Co. stated that it will be responsible for issuing the fiat-backed stablecoin USD1 to institutional clients in the future, taking over from the current exclusive issuer and custodian of USD1, BitGo Bank & Trust. At the same time, the company plans to provide digital asset custody services for USD1 users and other institutional clients.

World Liberty applied for the banking charter in January of this year, a move that raised questions from Democratic lawmakers due to its ties to the Trump family. U.S. Senator Elizabeth Warren had previously called on the OCC to pause the approval process and criticized some cryptocurrency companies for attempting to circumvent traditional banking regulatory requirements.

In the approval document, the OCC stated that the application had been reviewed by career regulatory professionals in accordance with relevant laws and regulations, independent of political considerations.

Following the announcement, Warren and other Democratic lawmakers said they would push for the "End Presidential Corruption Act," aimed at restricting senior government officials from owning or controlling banking entities. Currently, progress on the U.S. Digital Asset Market Structure Act (CLARITY Act) has also been affected by related ethical controversies.