The Office of the Comptroller of the Currency (OCC) has granted conditional approval to World Liberty Trust Co., a crypto firm partially owned by the Trump family, for a national trust bank charter.
This approval could allow the firm to bring stablecoin services in-house, a move that has drawn criticism from Democrats like Senator Elizabeth Warren due to potential conflicts of interest. The OCC stated that applications are reviewed by career staff.
Trump Family-Linked Crypto Firm World Liberty Secures Conditional Bank Charter Approval
A federal financial regulator has granted conditional approval to World Liberty Trust Co., an entity connected to World Liberty Financial, a cryptocurrency firm with significant ties to the Trump family.
Key Developments
- The Office of the Comptroller of the Currency (OCC) has given conditional approval for World Liberty Trust Co.'s application for a national trust bank charter.
- World Liberty Financial reports that an entity associated with Donald Trump and his family members holds a 38% ownership stake in the company.
- The newly approved charter could allow World Liberty to bring its stablecoin services in-house, reducing reliance on third-party providers like BitGo.
- The application has drawn criticism from Democrats, including Senator Elizabeth Warren, due to the President's financial involvement in the cryptocurrency sector.
Company and Charter Details
The Office of the Comptroller of the Currency (OCC) issued a conditional approval on Friday for World Liberty Trust Co.'s bid to become a national trust bank. This trust company is backed by World Liberty Financial, which states that "an entity affiliated with Donald J. Trump and certain of his family members" owns 38% of the firm. This banking charter is a significant step, as it will empower World Liberty to issue its own stablecoins. Currently, the company utilizes a third party, BitGo, for some of these services. Bringing stablecoin operations in-house is anticipated to be a profitable move for the firm.
The charter process is not yet finalized and requires World Liberty to complete further steps, including raising the necessary capital. The OCC, under the Trump administration, has shown a willingness to support new bank charter applications, with career staff overseeing the review process. Data from the agency indicates a notable increase in applications since 2025, with many linked to cryptocurrency projects, compared to the previous presidential term.
Zach Witkoff, CEO of World Liberty Financial and chairman of the OCC-regulated trust company, expressed his welcome for regulatory scrutiny. Witkoff is the son of Steven Witkoff, who served as Trump's Middle East negotiator.
Political and Regulatory Scrutiny
The approval has sparked political debate, particularly from congressional Democrats. Senator Elizabeth Warren (D-Mass.) had previously called on the OCC to halt its review of World Liberty's application until President Trump divested any financial interests he or his family held in the company. Following the approval, Senator Warren issued a statement condemning the decision as "the most brazen act of self-dealing our financial system has ever seen." She indicated plans to introduce legislation aimed at preventing presidents and senior government officials from owning or controlling banks.
The OCC has declined to comment on the specific approval.
Correction: An earlier version of this article may have understated the role of career staff in reviewing OCC applications. The agency emphasizes that these reviews are conducted entirely by career staff.
