The Office of the Comptroller of the Currency has conditionally approved a national trust bank charter application from World Liberty Trust Company, a firm affiliated with World Liberty Financial, the crypto venture that says it is 38% owned by an entity tied to President Donald Trump and some of his family members.
The conditional approval was granted Friday, according to a letter posted on the OCC’s website. The charter would let the company issue stablecoins — cryptocurrencies pegged one-to-one to the U.S. dollar and backed by safe assets like Treasurys — directly, rather than relying on third-party providers.
World Liberty currently uses BitGo for some stablecoin services. Bringing that capability in-house could open a lucrative new revenue stream, though the process is not yet complete. The company must still meet additional requirements, including raising capital, before the charter is finalized.
The OCC under Trump has signaled strong support for new bank charter applications, a shift from the previous administration. According to agency data, the regulator has received 40 applications since 2025, up sharply from the number filed during President Joe Biden’s term. Many of those applications are tied to crypto-related projects.
World Liberty Financial CEO Zach Witkoff — who also chairs the OCC-regulated trust company — welcomed the scrutiny, saying in a statement, “We welcome continuous scrutiny from Federal regulators for many years to come.” Witkoff is the son of Trump’s Middle East negotiator Steven Witkoff.
The approval drew immediate criticism from some Democrats. Senator Elizabeth Warren, a Massachusetts Democrat who has been a vocal critic of crypto, had previously urged the OCC to reject the application unless the president divested from the company. The OCC declined to comment on the approval.
The decision comes as lawmakers continue to debate the Clarity Act, a bill aimed at regulating the crypto industry. Some congressional Democrats have refused to support the measure because it does not impose strict limits on the president’s ability to profit from crypto ventures, a concern that the World Liberty charter approval is likely to amplify.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/14/world-liberty-trump-occ-bank-charter-stablecoin.html
This article is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Do your own research and consult a licensed professional before making financial decisions.
