According to CoinMeta, Trump family’s cryptocurrency project World Liberty Financial has received preliminary approval for a license from the National Trust Bank of the United States. Data from the Federal Reserve (OCC) shows that in the 19 months prior to Trump’s second term, OCC approved 22 bank license applications, exceeding the total number of approvals in the previous five years. The difficulty of obtaining a national bank license in the U.S. has now dropped to its lowest level in nearly 20 years, with some of the approved institutions coming from the fintech and digital assets sectors. The head of OCC, Jonathan Gould, stated that the goal is to respond to each application within 120 days. Trump’s family entities, including World Liberty Financial, stablecoin issuer Circle, consumer bank Nu Holdings Ltd, and cryptocurrency trading platform Coinbase Global Inc, have all joined the ranks of new bank applicants. World Liberty Financial previously mentioned that establishing a bank would allow for the storage of assets used to support the USD1 stablecoin, thereby reducing related costs. Trump will become the first U.S. president to have a bank founded by one of his children during his tenure.