Summary
The OCC conditionally approved World Liberty Trust Company's application for a national trust bank charter, allowing the Trump-family-linked crypto venture to bring its USD1 stablecoin issuance and custody in-house. The review took 221 days — nearly twice the 120 days Comptroller Jonathan Gould had advertised. World Liberty Trust plans to take over issuance and custody of USD1 from BitGo Bank and Trust. USD1, launched last year, has reached over $4 billion in circulation. The decision drew sharp criticism from Democrats and consumer groups over conflicts of interest.
Key Facts
- OCC conditional approval for World Liberty Trust Company national trust bank charter
- Review took 221 days (vs 120 days advertised by Comptroller Jonathan Gould)
- World Liberty Trust to take over issuance/custody of USD1 from BitGo Bank and Trust
- USD1 (dollar-backed stablecoin) has reached over $4 billion in circulation
- Charter does not extend to depository services; will not issue/custody World Liberty tokens
- World Liberty Financial: 38% owned by entity affiliated with Trump and family members
- Must maintain minimum $20M Tier 1 capital, at least 50% in eligible liquid assets
- Three passivity commitments filed (Eric Trump/DT Marks, Hamad Alshamsi/StringZ, Zachary Folkman/AMGUS)
- Five-member board: Zach Witkoff (chairman), Scott Alper, Robert Witkoff, Jeffrey Weiner, Erin Baskett
- Sen. Warren: "most brazen act of self-dealing our financial system has ever seen"; introducing bill
- Americans for Financial Reform Education Fund opposed, citing fiduciary concerns and Trump family enrichment
- OCC: "Comptroller and staff acted consistently with their statutory duties and ethical obligations"
- Trump earned over $1.4 billion from crypto ventures in 2025 (financial disclosures)
Why It Matters
The OCC charter is the first time in US history a company owned by the sitting president's family has been granted bank status, moving the Trump family's USD1 stablecoin into regulated banking infrastructure and cutting out the BitGo middleman. It raises acute conflict-of-interest questions and could deepen political opposition to crypto legislation. The charter also signals the OCC's pro-innovation posture toward crypto under this administration, and its detailed conditions (capital, passivity commitments) show how regulators are structuring crypto bank charters.