OCC Grants Conditional Approval to World Liberty Trust Company The Office of the Comptroller of the Currency (OCC) has conditionally approved World Liberty Financial's application to establis
The Office of the Comptroller of the Currency (OCC) has conditionally approved World Liberty Financial's application to establish a national trust bank. The bank will operate under the name World Liberty Trust Company, National Association, and will engage in trust company operations and fiduciary activities.
The trust company is sponsored by World Liberty Financial, which states on its website that it is 38% owned by "an entity affiliated with Donald J. Trump and certain of his family members."The bank will issue and manage its own stablecoins and will be led by Zach Witkoff, CEO and chairman, who co-founded World Liberty Financial alongside President Donald Trump's sons Eric Trump, Donald Trump Jr., and Barron Trump.
The charter would enable World Liberty Trust to issue and custody USD1, a dollar-backed stablecoin, directly rather than relying on third-party custodian BitGo for those services.The national trust charter does not give World Liberty Financial approval to operate a traditional bank's full suite of banking and lending services, which would come with stricter oversight from the Federal Reserve.
Among the conditions, World Liberty Trust must maintain a minimum of $20 million in Tier 1 capital, at least half of which, or $10 million, whichever is greater, must be held in eligible liquid assets. The company must also inform the OCC before appointing a senior executive officer and retain an internal auditor before final approval is granted.
The approval has drawn immediate criticism from lawmakers. Senator Elizabeth Warren said in a statement: "President Trump is now the first President in history to approve, operate, and supervise his own bank." Warren and fellow Senate Democrats announced plans to introduce a bill that would ban federal regulators from approving bank applications for institutions owned or controlled by the president, vice president, family members, members of Congress, or other US officials.
The OCC has received 40 applications since 2025, a sharp increase compared with President Joe Biden's term, and many are tied to crypto projects.The OCC has granted conditional approvals to about a dozen crypto firms under the leadership of Comptroller Jonathan Gould, whom Trump nominated earlier this year.
In response to criticism, the OCC stated that the Comptroller and staff acted consistently with their statutory duties and ethical obligations, and that approvals of such applications are made under authority delegated to career staff.
Sources:OCC Corporate Decision #1385, August 2026 (Official OCC Letter)CNBC: Trump family-backed crypto firm World Liberty gets conditional bank charter approvalBanking Dive: World Liberty nabs conditional OCC charter
