The Office of the Comptroller of the Currency (OCC) has conditionally approved World Liberty Trust Co.'s application for a national trust bank charter, marking a significant development in the intersection of cryptocurrency and traditional banking regulation [1]. World Liberty Financial, the sponsor of the trust company, disclosed that an entity affiliated with Donald J. Trump and certain family members owns 38% of the company [1]. The new charter will allow World Liberty to issue stablecoins—cryptocurrencies backed by safe reserve assets such as U.S. Treasurys and convertible one-to-one into U.S. dollars—potentially increasing the company's profitability by bringing stablecoin services in-house, which are currently provided by BitGo [1].
The charter approval is conditional; World Liberty must still raise additional capital and meet other regulatory requirements before fully operating as a national trust bank [1]. The OCC, under the Trump administration, has seen a surge in bank charter applications, with 40 received since 2025, many linked to crypto projects—a sharp increase compared to the Biden administration, according to agency data [1]. Zach Witkoff, CEO of World Liberty Financial and chairman of the OCC-regulated trust company, stated, "We welcome continuous scrutiny from Federal regulators for many years to come" [1]. Witkoff is the son of Steven Witkoff, Trump's Middle East negotiator [1].
The approval has sparked political controversy. Senator Elizabeth Warren and other Democrats criticized the move, citing concerns over presidential conflicts of interest and the lack of strict limits on the president's ability to profit from crypto ventures [1]. Warren stated, "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" [1]. Warren and colleagues plan to introduce legislation to prevent presidents and senior government officials from owning or controlling banks [1]. The OCC declined to comment on the approval [1].
CONCLUSION
World Liberty Trust Co.'s conditional bank charter approval, with significant Trump family ownership, marks a major regulatory and political milestone for the crypto industry. The move has triggered strong criticism from Democratic lawmakers and could prompt new legislative efforts to address potential conflicts of interest. Market participants are closely watching the outcome as World Liberty works to meet final regulatory requirements.