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What Happens When the Trump Family Wants a Bank With No Insurance and a Secret Owner List?
https://kaitjustice.substack.com/p/world-liberty-financial-charter-bank-stablecoinKait Justice
The public has until July 24 to tell federal regulators not to give a private dollar system the lightest rulebook in America.
Another bunch of great reporting and analysis by Kait.
Donald Trump's financial disclosure dropped on June 30, and buried inside 927 pages of stock trades and golf club revenue was a number I had been waiting to see in writing. His companies received almost 800 million dollars from World Liberty Financial in 2025, including more than 520 million dollars from crypto token sales and more than 250 million dollars from the sale of interests in the World Liberty business, according to Reuters. This is the same World Liberty operation now asking the federal government for a trust-bank charter tied to USD1, the stablecoin his family helped launch in the first year of his second term.
I had been waiting for that number because until this week, every figure anyone had for what this actually pays the family came from reporters reconstructing the flows from the outside. But this disclosure is Trump himself putting the numbers on a federal form under penalty. A number like that sends you looking for where the money is trying to go next, and that is how I ended up reading a bank charter application at two in the morning.
. . .
But guess what? The filing tells you that "WLTC will not have deposit insurance from the Federal Deposit Insurance Corporation." Deposit insurance is the promise of every normal bank in America, the government's guarantee that if your bank collapses you get your money back, up to 250,000 dollars of it. This bank would open without that promise, which means that if it ever fails, the people holding its coins are on their own, and we know what Trump's business record looks like.
. . .
So the request in front of our government right now is this: the Trump family crypto operation, which produced almost 800 million dollars in World Liberty Financial income for Trump's companies last year according to Reuters' reading of his disclosure, wants to become a federal bank that creates the coin, guards the pile of money behind the coin, keeps the interest that pile earns, and controls how people move between the coin and real dollars, all supervised by an agency whose leadership Trump himself appointed.
. . .
I had been waiting for that number because until this week, every figure anyone had for what this actually pays the family came from reporters reconstructing the flows from the outside. But this disclosure is Trump himself putting the numbers on a federal form under penalty. A number like that sends you looking for where the money is trying to go next, and that is how I ended up reading a bank charter application at two in the morning.
. . .
But guess what? The filing tells you that "WLTC will not have deposit insurance from the Federal Deposit Insurance Corporation." Deposit insurance is the promise of every normal bank in America, the government's guarantee that if your bank collapses you get your money back, up to 250,000 dollars of it. This bank would open without that promise, which means that if it ever fails, the people holding its coins are on their own, and we know what Trump's business record looks like.
. . .
So the request in front of our government right now is this: the Trump family crypto operation, which produced almost 800 million dollars in World Liberty Financial income for Trump's companies last year according to Reuters' reading of his disclosure, wants to become a federal bank that creates the coin, guards the pile of money behind the coin, keeps the interest that pile earns, and controls how people move between the coin and real dollars, all supervised by an agency whose leadership Trump himself appointed.
. . .
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