Key Takeaways:
World Liberty Financial co-founders Donald Trump Jr. and Zach Witkoff pushed back against rumors of the Trump family’s departure from the crypto project, confirming the firm is in the “final stages” of receiving conditional approval for a national bank charter for its stablecoin. The announcement comes as the company navigates a high-profile legal dispute with Tron founder Justin Sun.
“Just because they say it doesn’t mean it’s true,” Trump Jr. said at the Consensus conference in Miami, addressing social media speculation that his family had abandoned the project. “Narratives get created. They’re driven, and they’re bot-farm based.”
Speaking alongside Trump Jr., CEO Zach Witkoff provided a significant update on the company’s regulatory ambitions. He stated that World Liberty Financial’s application for a national trust bank charter, filed with a division of the U.S. Treasury Department, is nearing a critical milestone. This charter would allow the firm to handle banking functions for its USD1 stablecoin, a dollar-pegged token Witkoff says is backed by “real-time proof of reserves” verified on-chain through a partnership with Chainlink.
The push for regulatory approval is set against the backdrop of an escalating legal feud. World Liberty recently filed a defamation lawsuit in Florida against Justin Sun, one of its early backers. The suit alleges Sun spread false claims and attempted to short the company’s WLFI token. This followed an earlier lawsuit from Sun, who claimed the company had unfairly frozen his tokens. “We wouldn’t have filed that lawsuit if we didn’t have the receipts,” Witkoff said.
This article is for informational purposes only and does not constitute investment advice.
