Trump-Linked World Liberty Financial Wins Historic US Bank Approval, Fueling Conflict-of-Interest Fears

A US banking regulator has conditionally approved a national trust bank charter for World Liberty Trust Company, marking a significant expansion for the Trump family-backed cryptocurrency venture.

The Office of the Comptroller of the Currency granted preliminary approval on Aug. 14. World Liberty Financial says an entity affiliated with President Donald Trump and members of his family owns 38% of the company.

The charter could allow World Liberty to issue its USD1 stablecoin directly, custody its reserve assets and manage payment settlement without relying on BitGo. However, the company must meet several conditions before the OCC grants final approval and permits it to open.

The decision has intensified concerns among Democratic lawmakers about presidential conflicts of interest and the independence of financial regulation.

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Charter Could Bring USD1 Operations In-House

World Liberty currently uses BitGo to support parts of USD1’s issuance and reserve custody. A national trust bank charter would allow the company to combine issuance, custody and reserve management under direct OCC supervision.

Unlike a conventional bank, World Liberty Trust would not generally accept deposits or issue loans. Instead, it could hold assets for clients, settle payments and offer services nationwide through one federal charter.

USD1 has expanded rapidly since its March 2025 launch. The dollar-backed token now ranks as the fourth-largest stablecoin, with a market capitalization of approximately $4 billion.

World Liberty Trust President and Chairman Zach Witkoff called the conditional approval a milestone. He said the charter would place the company’s stablecoin operations under regulatory standards that have governed banks for generations.

The OCC requires World Liberty to maintain at least $20 million in capital, appoint a qualified internal audit manager and notify the regulator about major changes to its business plan.

Trump Family Ties Trigger Conflict-of-Interest Criticism

World Liberty’s financial and political connections have drawn scrutiny since its launch in 2024.

Trump co-founded the venture with his three sons and members of the Witkoff family. Zach Witkoff, the son of Trump’s diplomatic envoy Steve Witkoff, leads World Liberty Financial. Robert Witkoff and Scott Alper will also hold leadership positions at the proposed trust bank.

Sen. Elizabeth Warren called the approval an unprecedented act of self-dealing and argued that Trump would influence the regulator supervising a business tied to his family.

Warren and other Democrats plan to introduce legislation that would prevent presidents and senior government officials from owning or controlling banks. She had previously urged the OCC to pause its review until Trump divested his interests.

The OCC rejected suggestions that political considerations drove the decision. It said career staff reviewed the application and nonpolitical examiners would supervise the trust bank.

Foreign Investment Adds Another Layer of Scrutiny

The OCC also addressed concerns about foreign investors in World Liberty Financial.

Democratic senators previously requested a national security review of a reported $500 million investment connected to the United Arab Emirates’ national security adviser. The OCC said it did not classify those investors as principal shareholders in the proposed bank.

Several investors signed “passivity agreements” promising not to control or influence the bank’s operations. Eric Trump signed one agreement as president of a Trump family-affiliated investment vehicle.

The financial stakes remain substantial. Reuters estimated that the Trump family earned roughly $50 million from USD1 through June 2026. Its calculations also found that World Liberty had directed more than $1.6 billion to Trump and his family by April.

The preliminary charter gives World Liberty a path toward federal banking oversight and greater control over USD1. It also places the OCC at the center of a political dispute over whether existing ethics safeguards can adequately regulate a sitting president’s commercial interests.