Summary
The Office of the Comptroller of the Currency conditionally approved World Liberty Trust Co.'s application for a national trust bank charter, according to a letter on the OCC's website. World Liberty Trust Co. is sponsored by World Liberty Financial, which says it is 38% owned by an entity affiliated with Donald J. Trump and certain family members. The charter would let World Liberty bring stablecoin services in-house instead of relying on third parties such as BitGo, potentially a lucrative move. The application process won't be fully complete until the company raises capital and completes other steps.
Key Facts
- OCC conditionally approved World Liberty Trust Co. for a 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, convertible 1:1 to USD)
- World Liberty currently relies on third party BitGo for some stablecoin services
- Must complete additional steps, including raising capital
- Zach Witkoff is World Liberty Financial CEO and chairman of the OCC-regulated trust company; son of Trump's Middle East negotiator Steven Witkoff
- OCC under Trump: emphasized support for new bank charters; received 40 applications since 2025 (up sharply vs Biden term), many crypto-related
- Sen. Elizabeth Warren: "President Trump is now the first President in history to approve, operate, and supervise his own bank"; called it "the most brazen act of self-dealing our financial system has ever seen"
- Warren and colleagues will introduce legislation to prevent presidents/senior officials from owning or controlling banks
- Some Democrats oppose CLARITY Act because it doesn't limit president's ability to profit from crypto
Why It Matters
The OCC charter is a landmark and highly controversial development — marking the first time a US president is financially connected to a federally chartered bank. It would move a Trump-family crypto venture's stablecoin operations into regulated banking infrastructure, potentially boosting its legitimacy and economics. But it raises acute conflicts-of-interest questions and could deepen political opposition to crypto legislation in Congress. The charter also signals the OCC's pro-innovation posture toward crypto under this administration.