A federal financial regulator has conditionally approved an application for a bank charter by an entity connected to World Liberty Financial, a crypto firm partially owned by President Donald Trump's family.
The Office of the Comptroller of the Currency on Friday gave conditional approval to World Liberty Trust Co.'s application for a national trust bank, according to a letter posted on the OCC's website. The trust company is sponsored by World Liberty Financial, which says on its website it is 38% owned by "an entity affiliated with Donald J. Trump and certain of his family members."
The banking charter will enable World Liberty to issue stablecoins, a type of cryptocurrency that is backed by safe reserve assets such as U.S. Treasurys and is convertible one-to-one into U.S. dollars. World Liberty currently relies on a third party, BitGo, for some stablecoin services. Bringing those services in house could be lucrative.
The charter application process won't be fully complete until the company completes additional steps, including raising capital. The OCC under Trump has emphasized its support for new bank charter applications, which are reviewed by career staff. It has received 40 applications since 2025, a sharp increase compared with President Joe Biden's term, according to agency data. Many are tied to crypto projects.
"We welcome continuous scrutiny from Federal regulators for many years to come," World Liberty Financial CEO Zach Witkoff said in a statement. Witkoff is also chairman of the OCC-regulated trust company.
Witkoff is the son of Trump's Middle East negotiator Steven Witkoff.
Some congressional Democrats have refused to support the Clarity Act, a bill to regulate the crypto industry, because it doesn't impose strict limits on the president's ability to profit from crypto ventures.
Sen. Elizabeth Warren, D-Mass., had previously urged the OCC not to approve World Liberty's application unless the president divested of his interests in the company.
"President Trump is now the first President in history to approve, operate, and supervise his own bank," Warren said in a statement after the OCC approval.
"This is the most brazen act of self-dealing our financial system has ever seen — and Congress cannot allow it to stand."
Warren said she and several colleagues would introduce legislation to prevent presidents and senior government officials from owning or controlling banks.
The OCC declined to comment on the approval.
Correction: OCC applications are reviewed entirely by career staff at the agency. An earlier version understated their role.
