WLFI applies for a license from the U.S. National Trust Bank, sparking regulatory concerns over the crypto banking process
Recently, the US cryptocurrency industry has reignited discussions on regulation. World Liberty Financial (WLFI) announced that its affiliated entity, WLTC Holdings LLC, has officially submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, World Liberty Trust Company. This move makes WLFI the latest crypto company to join the "National Trust Bank License" application process and is seen as a key milestone for stablecoins and crypto finance moving toward a federal compliance framework.
According to disclosed information, the national trust bank license applied for by WLFI will primarily serve stablecoin-related businesses. Unlike traditional commercial banks, national trust banks typically do not accept public deposits or directly issue loans but focus on asset custody, settlement, and trust services. Such licenses allow institutions to operate under a unified federal regulatory framework, avoiding the compliance costs and complexities of applying for licenses in each state. WLFI stated that the relevant institutions will comply with the GENIUS Act and implement anti-money laundering, sanctions screening, and cybersecurity compliance requirements. Customer assets will be segregated, and reserves will be held by an independent custodian.