Summary
The OCC conditionally approved World Liberty Trust Co.'s application for a national trust bank charter. World Liberty Financial says it is 38% owned by an entity affiliated with Donald Trump and family members. The charter would let World Liberty bring stablecoin services in-house (currently using third-party BitGo), potentially lucrative. The application isn't complete until the company raises capital and completes additional steps. Sen. Elizabeth Warren called it "the most brazen act of self-dealing our financial system has ever seen."
Key Points
- OCC conditional approval for World Liberty Trust Co. national trust bank charter
- World Liberty Financial: 38% owned by entity affiliated with Trump and family members
- Charter would enable in-house stablecoin issuance (backed by safe assets, 1:1 convertible to USD)
- Currently relies on third party BitGo for some stablecoin services
- Must complete additional steps incl. raising capital
- Zach Witkoff: WL Financial CEO + chairman of OCC-regulated trust company; son of Trump's Middle East negotiator Steven Witkoff
- OCC under Trump: 40 charter applications since 2025 (up sharply vs Biden), many crypto-related
- Sen. Warren: "first President in history to approve, operate, and supervise his own bank"; will introduce legislation to prevent presidents/senior officials owning/controlling banks
- Some Democrats oppose CLARITY Act over president's ability to profit from crypto
- Signals OCC's pro-innovation posture toward crypto