World Liberty Trust gets conditional bank charter under Genius Act
World Liberty Trust Company, partly owned by an entity affiliated with Donald Trump and his family members, which owns about 38% of the company, received conditional approval on 14 August 2026 to start a bank;
$1 was launched by World Liberty Financial in March 2025.
The bank operates under the Genius Act, signed by Trump, which blocks it from paying interest to depositors but lets it earn money through government-backed investments.
Democrats and experts question bank approval
The move has drawn heat from Democrats and finance experts, who worry about Trump benefiting from a bank overseen by an official he appointed.
Some say $1's low market share suggests its main draw is political influence.
World Liberty Financial insists that the charter approval means the company will be well supervised, and an OCC official said the agency "consulted with multiple experienced career government ethics officials" to ensure the process "complied with all government ethics standards and policies."