The Office of the Comptroller of the Currency (OCC) has granted conditional approval to World Liberty Trust, a cryptocurrency venture with ties to former President Donald J. Trump and his family, to establish a bank charter. This decision allows the company to issue stablecoin cryptocurrency tied to the U.S. dollar, potentially facilitating larger client transactions and increasing profits.
World Liberty Trust is reportedly 38% owned by an entity affiliated with Donald J. Trump and certain family members, according to its website. The approval marks a significant development, as it is the first time a company partly owned by a sitting president's family has received a bank charter in the United States.
Previously, World Liberty Financial, the listed sponsor of the trust, relied on a third-party company, BitGo, for stablecoin services. The OCC's approval enables the Trump-affiliated business to provide this service directly, cutting out intermediaries. Stable digital currencies, pegged to assets like the U.S. dollar or gold, are considered more suitable for large transactions than historically volatile cryptocurrencies such as Bitcoin.
Financial disclosures indicate that Donald Trump has generated over $1.4 billion in business revenue from his family's cryptocurrency ventures. The Trump family has also seen substantial profits from World Liberty Financial, with initial valuations reportedly reaching around $5 billion shortly after the company went public. Major investments from individuals and foreign nations have continued to contribute to the company's value, including a $2 billion investment from Abu Dhabi-based investment firm MGX in May 2025.
White House spokeswoman Anna Kelly stated that the president "only acts in the best interests of the American public" and asserted that no conflict of interest exists because the president's assets are held in a blind trust managed by his children. Typically, a blind trust involves an independent trustee.
Concerns Over Conflicts of Interest
Democratic lawmakers have voiced concerns regarding potential conflicts of interest arising from the approval. Senator Elizabeth Warren, D-Mass., Ranking Member of the Committee on Banking, Housing and Urban Affairs, had previously urged the OCC to halt approval for Trump-linked business ventures. In a letter to the comptroller in January, Warren wrote that for the first time, "the president of the United States would be in charge of overseeing his own financial company."
Following the OCC's preliminary approval, Warren characterized the decision as "the most brazen act of self-dealing our financial system has ever seen" and announced plans to introduce legislation to address what she described as "unprecedented corruption."
The OCC maintained that its staff reviewed the application in accordance with established policies and procedures and acted consistently with their statutory duties and ethical obligations. The final approval of the charter is contingent on the company meeting certain conditions, including increasing its capital, according to the OCC.