WLFI Pumps and Dumps as Trump-Backed World Liberty Gets Green Light for US Bank Charter

The Trump-family-backed World Liberty Financial has joined other cryptocurrency projects in receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank in the US.

The positive developments led to an immediate price uptick for the underlying token, which was among the top-performing larger-cap alts following a 5.5% surge. However, it was quickly rejected at $0.06.

World Liberty Gets the Conditional Approval

As reported by multiple large media outlets, the OCC granted preliminary condition approval to World Liberty Trust Company, which is the name of the entity that applied for the national trust bank earlier this year. The move changes how the project operates its rapidly growing USD1 stablecoin.

Issuance and custody of the asset have so far been handled with the help of BitGo. Once the new bank becomes operational, though, World Liberty would be able to issue it directly, custody the assets backing it, and provide custodial services under federal supervision.

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