According to CoinMeta, the charter of the World Free Financial Bank has received conditional approval from the US Federal Reserve (OCC), which will facilitate the expansion of its USD1 stablecoin business. This charter brings crypto companies associated with the Trump family one step closer to operating a federally regulated national trust bank. OCC granted preliminary conditional approval on August 14; if regulatory requirements are met and final approval is obtained, the trust bank will be able to directly issue USD1 stablecoins and provide asset custody and payment settlement services. Unlike traditional banks, the proposed trust company is not allowed to accept customer deposits or issue loans. The approval of OCC has sparked political scrutiny, with Senator Elizabeth Warren criticizing the decision and stating that she will propose legislation to prevent similar conflicts. This decision also aligns with the federal banking industry's expansion into the crypto sector, as OCC has previously granted conditional approvals to several digital asset companies.