Trump family crypto firm wins bank approval from regulator under his administration

On Friday, August 14, the OCC granted preliminary conditional approval for a bank charter to a crypto firm partially owned by the Trump family
World Liberty Financial, which received conditional approval from the OCC, claims it is owned 38% by 'an entity affiliated with Donald J Trump and certain of his family members' (Getty Images)
World Liberty Financial, which received conditional approval from the OCC, claims it is owned 38% by 'an entity affiliated with Donald J Trump and certain of his family members' (Getty Images)

WASHINGTON, DC: The Office of the Comptroller of the Currency, the bank regulatory arm of the Treasury Department, provisionally granted a charter to form a national trust bank for World Liberty Trust Co, which is related to World Liberty Financial, a cryptocurrency firm partially owned by the family of President Donald Trump, a move that was denounced by Democrats over potential conflict of interest. 

World Liberty Financial, on its official website, claims it is owned 38% by "an entity affiliated with Donald J. Trump and certain of his family members." 

Trump earned about $600 million from the sale of World Liberty tokens and shares of the firm, making up the total earnings of $1.4 billion from crypto-related business in 2025. In all, World Liberty Financial has remitted $1.6 billion or more to the Trump family through April, according to Reuters calculations.

“President Trump is now the first president in history to approve, operate, and supervise his own bank,” Sen Elizabeth Warren said in a statement after the OCC approval on Friday, August 14.

U.S. President Donald Trump on the sidelines of the NATO summit in Ankara, Turkey, Wednesday, July 8, 2026. (AP Photo/Alex Brandon)
President Donald Trump on the sidelines of the NATO summit in Ankara, Turkey, on Wednesday, July 8, 2026 (AP Photo/Alex Brandon)

Charter lets World Liberty bring stablecoin operations in-house

The charter, if ultimately approved at a later date, would allow World Liberty, through the newly created trust bank, to manage and hold assets on behalf of customers and settle payments faster. It does not generally permit deposit-taking or lending like traditional banks.

Hoping to capitalize on the Trump administration’s crypto-friendly stance, the industry has been knocking ​on the OCC’s door for such charters.

Eric Trump , the newly appointed ALT5 Board Director of World Liberty Financial is joined by his brother and ALT5 Board Observer Donald Trump Jr. outside of NASDAQ in Times Square as they mark the...
Eric Trump, the newly appointed ALT5 Board Director of World Liberty Financial is joined by his brother and ALT5 Board Observer Donald Trump Jr, outside of NASDAQ in Times Square as they mark the $1.5B partnership between World Liberty Financial (WLFI) and ALT5 Sigma with the ringing of the NASDAQ opening bell, on August 13, 2025, in New York City (Spencer Platt/Getty Images)

In a statement on Friday, the firm welcomed the conditional approval, calling it a "milestone" in its efforts to open the bank.

"A national trust bank brings USD1 issuance, custody, ​and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations. We welcome continuous scrutiny from Federal regulators for many years to come," Zach Witkoff, son of Trump Middle East negotiator Steve Witkoff, World Liberty Trust president and chairman, said in a statement.

In the case of World Liberty, the charter would allow it to directly issue its USD1 stablecoin, as well as custody the US dollar assets backing it, both of ​which are now handled by a business partner, BitGo.

The firm also has ties to Trump's longtime allies

World Liberty Trust’s leadership is deeply intertwined with Trump's longtime allies, the Witkoff family.

Zach Witkoff is the son of Trump’s special diplomatic envoy, Steve Witkoff. The Witkoffs were among the co-founders of World Liberty Financial with Trump and his three sons in late 2024, with Zach currently serving as its CEO.

World Liberty is the most prominent among the Trump family’s stable of lucrative crypto ventures. Its stated vision is to democratize finance, allowing anyone to bypass a traditional banking system that the Trumps have characterized as restrictive and unfair.



Elizabeth Warren vows legislation, calls OCC approval 'most brazen act of self-dealing'

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.

Warren had previously urged the OCC not to approve World Liberty’s application unless the president divested of his interests in the company.



“This is the most brazen act of self-dealing our financial system has ever seen, and Congress cannot allow it to stand. I’m introducing a bill to stop this kind of unprecedented corruption,” Warren wrote on X (formerly Twitter).

Warren said she and several colleagues would introduce legislation to prevent presidents and senior government officials from owning or controlling banks.

GET BREAKING U.S. NEWS & POLITICAL UPDATES
STRAIGHT TO YOUR INBOX.

MORE STORIES

Donald Trump defended his proposed White House ballroom as a federal court order and Supreme Court appeal put the project’s future in doubt
2 hours ago
'The project is absolutely critical not only for the physical safety of guests, but also for advancing our diplomatic relations,' Marco Rubio wrote
3 hours ago
Donald Trump revived criticism of New York Attorney General Letitia James after two grand juries declined to indict her in a mortgage fraud case
4 hours ago
'The woke will become woke again as soon as they get elected,' Trump warned
4 hours ago
Donald Trump revived his long-running NATO burden-sharing complaint, pointing to decades of US defense spending and recent disputes with European allies
4 hours ago
'Mitch McConnell needs to speak directly to the people,' said Charles Booker, the Democratic nominee for Senate in Kentucky
4 hours ago
Rising pump costs are adding pressure on American households as the Iran conflict disrupts oil supplies and keeps gasoline prices elevated
5 hours ago
Donald Trump Jr, Ivanka Trump and Jared Kushner could provide testimony on Trump's intent and actions surrounding his January 6 speech
6 hours ago
President Trump accused Gov Kathy Hochul of fueling crime and illegal immigration, calling New York the clearest example of a 'communist attack'
9 hours ago
After returning for a second term, President Donald Trump designated the US-Mexico border as 'National Defense Areas' to curb illegal immigration
10 hours ago