The Trump family has made a fortune from its crypto business. By granting his business a bank charter, the Office of the Comptroller of the Currency (OCC) in the Treasury Department has acted to help him, his family, and possibly one Middle Eastern spymaster make more money.

It is widely recognized that the OCC’s decision is laden with conflicts of interest. But there is more to it than self-dealing and self-enrichment. If implemented, the decision also corrupts the US economy by allowing criminals, terrorists and rogue states access to the payments system—the basic plumbing—used by regulated banks. It also creates conditions for crypto firms to maneuver for a federal bailout should their businesses start to fail.

The Trump family has a significant ownership interest in World Liberty Financial, a company that among other things issues the USD1 “stablecoin.” In 2025 Trump alone reported earning $536.4 million from WLF. Even this sum does not include income that may be going to Trumps’ family, or to the family of his emissary Steve Witkoff, which also have interests in WLF. Nor does it include income which may be going to Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates spy chief, whose investment company owns a 49 percent equity share of WLF.

Not satisfied with that haul, WLF has obtained a trust bank charter from the OCC, which will be used to house its stablecoin business.

This will give WLF important new advantages.

First, a trust charter eases the way for the WLF stablecoin business to obtain a “master account” at the Federal Reserve, which are used by banks to hold and transfer dollars electronically. If a master account is granted, dollar payments into and out of USD1 can go through that system. This will lower USD1 costs, since it will not need to use a commercial bank to transfer funds.

Second, it will create a halo effect for USD1, enhancing its legitimacy and perceived safety. A “trust bank” sounds like something that comes with the regulations, supervision, and guarantees that make commercial banks a safe place for retail depositors. But that is not true. Trust banks do not take deposits or make loans, are not federally insured, and are not eligible for lending from the Federal Reserve.

The conflicts of interest in granting a bank charter to WLF are apparent. The OCC—which a Trump executive order claims is completely controlled by him—has granted a bank charter to a firm which makes him money and will act as the supposed supervisor of that bank.

Bad as this seems, there are harms beyond the self-dealing and self-enrichment involved in granting this charter. Giving any stablecoin or crypto........

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