World Liberty wins conditional approval for US trust bank

World Liberty Financial has received preliminary OCC approval to establish a national trust bank that would issue USD1, manage its reserves, and provide digital asset custody across the United States. Summary World Liberty Trust must satisfy OCC requirements before it can begin banking operations. The proposed Florida-based bank would take over USD1 issuance and reserve assets from BitGo. Elizabeth Warren and nine senators have introduced legislation targeting bank ownership by presidents and their families. Lawmakers have also questioned a reported $500 million UAE-linked investment in World Liberty. World Liberty bank cannot open until conditions are met The Office of the Comptroller of the Currency said in its Aug. 14 decision that it had granted preliminary conditional approval for World Liberty Trust Company, National Association. The proposed bank would operate from Bay Harbor Islands, Florida, as a wholly owned subsidiary of Delaware-registered WLTC Holdings LLC. Preliminary approval permits the company to organize the bank but does not allow it to start operations. The OCC said World Liberty Trust must complete its preopening requirements and obtain final authorization unde...