The Office of the Comptroller of the Currency (OCC), a bureau within the Treasury Department, granted preliminary approval on Friday for World Liberty Trust Company to establish a bank charter. The trust company is affiliated with World Liberty Financial, a cryptocurrency business 38% owned by an entity linked to Donald J. Trump and his family members. This conditional approval allows the company to move toward issuing and managing stablecoins—digital assets pegged to a reserve currency—without using a third-party intermediary.
World Liberty Financial was founded in 2024 by the sons of Donald J. Trump and the sons of Steve Witkoff, who serves as the administration's special envoy to the Middle East. While financial disclosures indicate Donald J. Trump earned at least $1.4 billion from cryptocurrency ventures last year, he has stated he is not involved in the day-to-day operations of this specific business. The company must still satisfy several regulatory requirements before the OCC grants final approval for the bank to begin operations.
Sen. Elizabeth Warren (D-MA) and a group of Democratic senators announced on Saturday they would introduce the Ending Presidential Corruption in Banking Act. The proposed legislation seeks to prohibit the president, vice president, and their family members from owning or controlling a bank. Critics, including Austin Campbell of NYU’s Stern School of Business, characterized the OCC’s role in supervising a business linked to the president’s family as unprecedented, while World Liberty spokespersons stated the charter ensures permanent federal oversight that will continue beyond the current administration.
The scale of the financial interest involved is significant, as Donald J. Trump reported earning at least $1.4 billion from crypto ventures in a single year. For the broader banking industry, the move sets a precedent for how the OCC handles applications from entities with high-profile political ties. A person using World Liberty’s services would eventually notice the shift to a self-managed stablecoin system, though the specific timeline for when these services will be available to the public depends on the company meeting the OCC’s final requirements.
The knock-on effects include a new legislative push in Congress to change bank ownership rules for executive branch families. If the Democratic-led bill passes, it would create new legal restrictions on the types of businesses the president and vice president can own. World Liberty has stated it established "firewalls" to prevent family involvement in the bank's operations during the presidency. The next steps involve the company working to meet the OCC's conditions for final approval, while the Senate considers the new banking legislation. No specific dates for these milestones were reported.