The Office of the Comptroller of the Currency (OCC) has granted conditional approval to an application for a national trust bank by an entity connected to World Liberty Financial, a cryptocurrency firm that says it is partly owned by interests affiliated with former president Donald J. Trump and certain family members.
What the approval means
The conditional charter, issued by the OCC and posted on the agency’s website, covers World Liberty Trust Company. If completed, the trust bank would be authorised to issue stablecoins — digital tokens designed to be backed by safe reserve assets such as US Treasuries and to be convertible one-to-one into US dollars. Until now, World Liberty has relied on third-party provider BitGo for some stablecoin services; bringing issuance and custody in-house could be commercially significant for the firm.
The approval is not final. The OCC’s letter sets out further conditions, including steps the trust company must take to raise capital and satisfy other regulatory requirements before the charter becomes fully effective.
Ownership and people
World Liberty Financial’s website states the business is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members.” Zach Witkoff serves as co-founder and chief executive of World Liberty Financial and is chairman of the trust company. He is also chairman of Alt5 Sigma Corp. Reported background material identifies him as the son of Steven Witkoff, a former Middle East negotiator for Trump.
“We welcome continuous scrutiny from Federal regulators for many years to come,” World Liberty Financial CEO Zach Witkoff said in a statement.
Regulatory context and controversy
The decision comes amid a broader push by the OCC, under the administration in which Trump served as president, to consider bank-charter applications related to crypto activity. Agency data show the OCC has received 40 applications since 2025, a sharp increase relative to the previous administration and a significant element of the national debate over how to regulate digital assets.
The approval has already drawn political attention. Some congressional Democrats have been critical of proposals to create a statutory framework for stablecoins without what they describe as sufficiently stringent safeguards. Senator Elizabeth Warren previously urged the OCC to withhold approval of World Liberty’s application unless the president divested his interests in the company.
Implications and immediate questions
The conditional charter raises several issues that will be watched closely by lawmakers, regulators and market participants:
- Conflicts of interest: The partial ownership link to the Trump family intensifies scrutiny over whether public office and private financial interests intersect.
- Regulatory precedent: Approval for a national trust bank tied to a crypto issuer would be a notable example of the OCC’s approach to crypto-related charters and could influence future applications.
- Market impact: If the trust issues stablecoins backed by high-quality reserves, it could alter competitive dynamics in an expanding market for dollar-pegged crypto tokens.
Observers note the OCC’s chartering process involves career staff as well as senior officials; the agency has for some time signalled support for allowing banks and trust companies to provide services to crypto firms under appropriate compliance frameworks. Still, the conditional nature of the approval means the firm must satisfy capital and operational requirements before it can commence the activities described in the OCC letter.
| Item | Detail from OCC / Company |
|---|---|
| Ownership stake cited | 38% owned by an entity affiliated with Donald J. Trump and family members |
| OCC applications received since 2025 | 40 |
| Third‑party stablecoin services used | BitGo |
The firm and its backers will now need to complete the outstanding regulatory and capital requirements. Meanwhile, members of Congress and consumer advocates are likely to scrutinise both the substance of the OCC’s review and the wider question of how political connections should affect access to federally chartered financial services.
As this story develops, attention will focus on the trust company’s ability to meet the OCC’s conditions and on any further commentary from lawmakers pressing for tighter controls on crypto-related banking activities.
