A federal financial regulator has granted conditional approval for a bank charter to World Liberty Trust Co., an entity linked to the crypto venture World Liberty Financial. This move marks a significant milestone for the firm, which describes itself as being thirty eight percent owned by an entity affiliated with Donald Trump and members of his family. According to documents posted on the Office of the Comptroller of the Currency website, the trust company is moving toward becoming a national trust bank, though it must still complete further requirements such as raising necessary capital before the process is finalized.

The shift toward a formal banking charter would allow World Liberty to bring critical operations in house, specifically the issuance of stablecoins. These digital assets are pegged one to one with U.S. dollars and backed by reserves like Treasury bonds. Currently, the company depends on third party providers like BitGo for these services, but operating its own charter could prove highly lucrative by removing intermediaries. Zach Witkoff, who serves as both CEO of World Liberty Financial and chairman of the trust company, stated that the organization welcomes ongoing scrutiny from federal regulators as they navigate this transition.

However, the decision has sparked immediate political backlash and accusations of conflict of interest. Senator Elizabeth Warren led the criticism, arguing that President Trump has become the first president in history to effectively oversee and operate his own bank through regulatory channels. She described the situation as an unprecedented act of self dealing and warned that it undermines the integrity of the American financial system. In response, Warren indicated that she and other lawmakers intend to introduce legislation designed to prohibit sitting presidents and high ranking government officials from owning or controlling banking institutions.

This development comes amid a broader surge in crypto related applications at the OCC, which has seen forty such requests since early 2025. While agency data shows a sharp increase in activity compared to previous administrations, officials maintain that all applications are reviewed strictly by career staff rather than political appointees. Meanwhile, some congressional Democrats continue to oppose legislative efforts like the Clarity Act unless stricter limits are placed on how a president can profit from private cryptocurrency ventures while holding office.