The Office of the Comptroller of the Currency (OCC) has granted conditional approval for a national trust bank charter to World Liberty Trust Co., a firm linked to World Liberty Financial, which is reportedly 38% owned by an entity connected to the Trump family. This approval could allow the company to bring its stablecoin services in-house, a move that has drawn criticism from some Democrats due to potential conflicts of interest.
Senator Elizabeth Warren has strongly condemned the decision, calling it an act of self-dealing and vowing to introduce legislation to prevent such situations. The OCC has stated that applications are reviewed by career staff, and the charter is conditional upon World Liberty completing further requirements, including capital raising.
READ MORE FROM CNBC
In a significant development for the cryptocurrency sector and a point of political contention, World Liberty Trust Co., a banking entity affiliated with World Liberty Financial, has received conditional approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC). This decision comes as World Liberty Financial states that an entity associated with President Donald Trump and his family members holds a substantial 38% stake in the company.
The conditional approval, granted by the federal financial regulator on Friday, is a crucial step for World Liberty. The national trust bank charter could empower the company to bring its stablecoin services in-house, a move that would reduce its reliance on third-party providers such as BitGo. Stablecoins, a type of cryptocurrency pegged to stable assets like U.S. Treasurys, offer a more consistent value compared to other digital currencies, and World Liberty's ability to manage their issuance directly could prove highly profitable.
The OCC, under the Trump administration, has shown a notable openness to new bank charter applications, with career staff handling the reviews. Agency data indicates a significant increase in applications since 2025, many of which are linked to cryptocurrency ventures. World Liberty Financial CEO Zach Witkoff expressed his welcome to ongoing regulatory scrutiny, stating, "We welcome continuous scrutiny from Federal regulators for many years to come." Witkoff, who is also the chairman of the trust company, is the son of Steven Witkoff, a negotiator for Trump.
However, the approval has ignited controversy, particularly among congressional Democrats. Senator Elizabeth Warren, D-Mass., has been a vocal critic, previously urging the OCC to halt the review process unless the President divested his financial interests in the company. Following the OCC's decision, Warren issued a strong statement, asserting, "President Trump is now the first President in history to approve, operate, and supervise his own bank. This is the most brazen act of self-dealing our financial system has ever seen — and Congress cannot allow it to stand." She indicated that legislative action would be forthcoming to prevent such conflicts of interest for presidents and senior government officials.
The charter approval process is not yet fully complete, as World Liberty must fulfill additional requirements, including raising necessary capital. The OCC has declined to comment on the specific approval.
Correction: An earlier version of this report understated the role of career staff in reviewing OCC applications. The review process is handled entirely by career staff at the agency.
