The Office of the Comptroller of the Currency (OCC) has conditionally approved the application for a national trust bank charter by World Liberty Trust Company, an entity connected to World Liberty Financial, a crypto firm that is 38% owned by an entity affiliated with Donald J. Trump and certain of his family members [1]. The conditional approval, announced on Friday and posted on the OCC's website, marks a significant step for World Liberty, as the charter will enable the company to issue stablecoins—cryptocurrencies backed by safe reserve assets such as U.S. Treasurys and convertible one-to-one into U.S. dollars [1]. Currently, World Liberty relies on BitGo for some stablecoin services, but the new charter would allow the company to bring these services in-house, which could be lucrative [1].
The charter application process is not yet complete; World Liberty Trust Company must still fulfill additional requirements, including raising capital, before the charter is finalized [1]. The OCC, under President Trump, has shown support for new bank charter applications, with 40 applications received since 2025—a sharp increase compared to the previous administration. Many of these applications are tied to crypto projects [1].
World Liberty Financial CEO Zach Witkoff, who is also chairman of the OCC-regulated trust company and the son of Trump's Middle East negotiator Steven Witkoff, stated, "We welcome continuous scrutiny from Federal regulators for many years to come" [1]. The approval has drawn political scrutiny, with some congressional Democrats refusing to support the Clarity Act, a bill to regulate the crypto industry, due to concerns about the president's ability to profit from crypto ventures. Senator Elizabeth Warren (D-Mass.) previously urged the OCC not to approve World Liberty's application unless the president divested his interests in the company [1]. The OCC declined to comment on the approval [1].
CONCLUSION
The OCC's conditional approval of World Liberty Trust Company's bank charter marks a major development for the Trump family-affiliated crypto firm, potentially enabling it to expand its stablecoin operations. However, the approval process is not yet complete and faces ongoing political scrutiny regarding presidential conflicts of interest. The market impact is high, given the regulatory and political significance of the move.