Trump family-backed crypto firm World Liberty gets conditional bank charter approval

• The charter allows World Liberty to issue stablecoins backed by U.S. Treasurys and convertible one-to-one with U.S. dollars, potentially creating lucrative revenue by replacing third-party providers
• The OCC has received 40 charter applications since 2025, a sharp increase from the Biden administration, with many tied to crypto projects
• Congressional Democrats have opposed crypto regulation bills that don't restrict the president's ability to profit from crypto ventures, with Sen. Warren previously urging the OCC to deny the application unless Trump divested

Summary:

The Office of the Comptroller of the Currency (OCC) has conditionally approved World Liberty Trust Company's application for a national trust bank charter. World Liberty Trust is sponsored by World Liberty Financial, a cryptocurrency firm that is 38% owned by an entity affiliated with President Donald Trump and his family members.

Key Details:

The banking charter will enable World Liberty to issue stablecoins—cryptocurrencies backed by safe reserve assets like U.S. Treasurys and convertible one-to-one with U.S. dollars. This capability allows the company to bring stablecoin services in-house rather than relying on third-party providers such as BitGo, potentially creating significant revenue opportunities.

The approval remains conditional pending completion of additional requirements, including raising capital. World Liberty Financial CEO Zach Witkoff, son of Trump's Middle East negotiator Steven Witkoff, stated the company welcomes ongoing federal regulatory scrutiny.

Market Context:

The OCC under Trump has actively supported new bank charter applications, receiving 40 applications since 2025—a sharp increase from the Biden administration. Many applications are crypto-related projects.

Political Opposition:

Congressional Democrats, led by Senator Elizabeth Warren (D-Mass.), have criticized the application due to Trump's financial stake in the venture. Warren previously urged the OCC to reject the application unless Trump divested his interests. Democrats have also opposed the crypto industry's Clarity Act legislation because it lacks restrictions on presidential crypto profits.

The approval signals continued regulatory support for crypto banking initiatives under the current administration, though political controversy surrounds presidential family involvement in the sector.