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OCC approves World Liberty Financial national bank charter for USD1
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The Office of the Comptroller of the Currency (OCC) on Friday granted preliminary conditional approval for a national trust bank tied to World Liberty Financial, a crypto venture partially owned by President Donald Trump‘s family.
The decision, announced in a letter posted on the OCC’s website, advances World Liberty Financial’s plans to establish a national trust bank focused in part on issuing and managing the USD1 stablecoin.
World Liberty Trust Company, National Association, would be based in Bay Harbor Islands, Florida, and plans to issue and redeem USD1, maintain reserves backing the stablecoin and provide digital asset custody and related services to institutional customers.
In its letter, the OCC said it granted preliminary conditional approval to World Liberty Trust Company’s application for a national trust bank charter, which was submitted in January.
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President Donald Trump’s family is affiliated with World Liberty Financial, which received preliminary conditional approval from the OCC for a national trust bank. (Ahmet Serdar Eser/Anadolu via Getty Images / Getty Images)
The firm welcomed the decision, calling it a “milestone” in its efforts to open the bank.
“A national trust bank brings USD1 issuance, custody and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations,” World Liberty Trust President and Chairman Zach Witkoff said in a statement.
“We welcome continuous scrutiny from federal regulators for many years to come.”
Witkoff is the son of Trump’s special envoy, Steve Witkoff.
Zach Witkoff said in an X post that the proposed national trust bank would have a clear objective.
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Eric Trump (center), the newly appointed ALT5 Board director of World Liberty Financial, is joined by his brother and ALT5 Board Observer Donald Trump Jr. (left); Zach Witkoff (center left), co-founder and CEO of World Liberty Financial; and Zak Folk (Spencer Platt/Getty Images)
“Our ambition is clear: to build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.”
The bank cannot begin operating yet and must satisfy a series of requirements before opening and receiving final approval from the OCC.
A significant portion of the OCC’s letter addressed objections raised by commenters over potential Trump family conflicts, foreign investment, stablecoin regulation, FDIC insurance and regulatory favoritism.
World Liberty Trust President and Chairman Zach Witkoff called the OCC’s preliminary approval of the proposed national trust bank a “milestone.” (Zak Bennett/Bloomberg via Getty Images / Getty Images)
On its website, World Liberty Financial states that it is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members.”
The OCC rejected those objections as grounds for denying the charter and said staff reviewed the application under established procedures.
“Career OCC staff reviewed the application for consistency with the statutory, regulatory, and policy requirements and factors for approval of a de novo application,” the OCC wrote.
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An OCC official emphasized the importance of de novo banks in a statement to FOX Business, saying a robust pipeline of new banks is crucial to a healthy financial system.
The official said new entrants bring new ideas, products and services that increase competition, drive innovation and expand consumer choice, contributing to a strong and diverse banking system that supports a modern economy.
Reuters contributed to this report.
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Weeks after a recall was issued for more than 1.5 million cartons of one dozen eggs due to the risk of salmonella, the U.S. Food and Drug Administration has upgraded the recall to the highest risk level.
On Wednesday, the recall was moved up to a Class I, which signifies “a situation in which there is a reasonable probability that the use of or exposure to a violative product will cause serious adverse health consequences or death.”
The upgrade comes as nearly 98 people have been sickened across 17 states, with 26 hospitalizations, according to a July 24 update from the FDA.
No deaths have been reported.
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Cartons of eggs are seen at a supermarket in Houston. (Ronaldo Schemidt/AFP via Getty Images / Getty Images)
Officials said the recalled products were sold under several brands, including Kroger, Brookshire’s, Country Morning, Simple Truth, and Sunups, as well as various bulk Grade A and Grade AA eggs.
The eggs were distributed to retail and food service customers in Texas, Oklahoma, Arkansas, Louisiana, New Mexico and Mississippi, as well as other smaller retail outlets, according to the FDA.
The vast majority of those sickened — 73 — were in Texas.
Customers in California, Nevada, Arizona, New Mexico, Colorado, Oklahoma, Louisiana, Mississippi, Missouri, Illinois, Minnesota, Georgia, South Carolina, North Carolina, New York and West Virginia, each reported a handful of cases.
Recalled retail egg cartons for Country Morning Grade A Large 12-count, top, and Brookshire’s Jumbo 12 White Eggs. (U.S. Food and Drug Administration / Fox News)
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The FDA said that distribution of recalled eggs “has been confirmed for states listed, but product could have been distributed further, reaching additional states.”
Midwest Poultry Services initiated the voluntary recall, affecting 1,589,577 dozen cartons of white shell eggs and brown cage-free shell eggs, in the last week of July.
A 12-count carton of Kroger Grade A Medium eggs subject to the Salmonella recall notice. (U.S. Food and Drug Administration / Fox News)
The affected products were produced at two farms in Texas, according to the FDA.
Officials said the issue was discovered during routine environmental testing.
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The salmonella scare comes amid a deadly outbreak of cyclosporiasis linked to lettuce that causes explosive diarrhea.
Fox Business’ Bonny Chu contributed to this report.
Prices on consumer and wholesale goods aren’t rising as much as feared, and that has been good for stock prices.
Two straight days of soft inflation data lifted the S&P 500 index to an all-time high. On Thursday, the Labor Department reported that wholesale prices were unchanged in July, defying predictions from economists who saw them rising. The reading, which followed a mellow consumer-price index print the day before, is resetting expectations about what the Federal Reserve will do next month—and in a positive way.
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SpaceX, Northrop Grumman, Lockheed Martin and other key participants for the U.S. Golden Dome missile defense program have passed a critical milestone with their first round of tests as they compete for future contracts, the Space Force announced this week. Citi on Thursday hiked its price targets across its aerospace and defense coverage. U.S. Space Force Gen. Michael Guetlein, czar…
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Applied Materials (AMAT) late Thursday beat analyst estimates for its fiscal third quarter and with its guidance for fiscal Q4. But AMAT stock slid in extended trading. The semiconductor equipment giant earned an adjusted $3.50 a share on sales of $9.12 billion in the quarter ended July 26. Analysts polled by FactSet had expected earnings of $3.40 a share on…
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BioRestorative Therapies suspends shipments of ExoCR and BioX products for review
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