#WLFI Finally, U.S. President Donald Trump and his family, who have drawn attention over tensions with Tron (TRX) founder Justin Sun, are making new moves with their DeFi project, World Liberty Financial (WLFI).
Accordingly, WLFI is very close to getting approval for a banking institution charter in the United States.
According to NOTUS, amid concerns about potential conflicts of interest with the U.S. president, WLFI is expected to soon receive approval to operate as a national security bank.
The report says that the U.S. Office of the Comptroller of the Currency (OCC) will soon announce its final decision regarding the bank license application. Two former OCC employees who spoke to NOTUS but asked not to be named see approval as almost certain.
If the license is approved, WLFI will gain significant advantages in issuing its own stablecoin, USD1. In this context, the federal security bank charter would allow World Liberty to issue and redeem $1-denominated bonds.
The company will also be able to manage reserves under a single federal regulatory framework, provide cryptocurrency custody services, and offer payment and clearing services.
Even though approval is viewed as a near certainty, World Liberty Financial’s bank charter license application has faced objections from senators and banking groups. Democratic Senator Elizabeth Warren asked the OCC to postpone reviewing the application due to concerns over conflicts of interest and national security.
In this regard, experts expect that OCC approval will further intensify political reactions related to potential conflicts of interest involving U.S. President Donald Trump.
As a reminder, World Liberty Financial applied to the OCC for a national security bank license earlier this year. The application came after the OCC granted conditional approvals to various crypto companies, including Circle, Ripple, and BitGo.
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Accordingly, WLFI is very close to getting approval for a banking institution charter in the United States.
According to NOTUS, amid concerns about potential conflicts of interest with the U.S. president, WLFI is expected to soon receive approval to operate as a national security bank.
The report says that the U.S. Office of the Comptroller of the Currency (OCC) will soon announce its final decision regarding the bank license application. Two former OCC employees who spoke to NOTUS but asked not to be named see approval as almost certain.
If the license is approved, WLFI will gain significant advantages in issuing its own stablecoin, USD1. In this context, the federal security bank charter would allow World Liberty to issue and redeem $1-denominated bonds.
The company will also be able to manage reserves under a single federal regulatory framework, provide cryptocurrency custody services, and offer payment and clearing services.
Even though approval is viewed as a near certainty, World Liberty Financial’s bank charter license application has faced objections from senators and banking groups. Democratic Senator Elizabeth Warren asked the OCC to postpone reviewing the application due to concerns over conflicts of interest and national security.
In this regard, experts expect that OCC approval will further intensify political reactions related to potential conflicts of interest involving U.S. President Donald Trump.
As a reminder, World Liberty Financial applied to the OCC for a national security bank license earlier this year. The application came after the OCC granted conditional approvals to various crypto companies, including Circle, Ripple, and BitGo.
INVESTMENT ADVICE IS NOT PROVIDED
