A Trump-appointed US banking regulator has granted conditional approval for World Liberty Trust, a unit linked to Donald Trump’s family crypto business, to apply for a bank charter—an unprecedented step that Democratic lawmakers say risks conflicts of interest.
In a letter published on Friday, the Office of the Comptroller of the Currency (OCC) said it had authorised World Liberty Trust Co. to issue a stablecoin cryptocurrency linked to the US dollar, subject to conditions. The trust’s website says the organisation is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members”.
The OCC action is the first time in US history that a company owned by the sitting president’s family has been granted bank status, Democrats said.
OCC Grants Conditional Charter
Under the OCC letter, World Liberty Trust would be able to operate as a bank and provide stablecoin services to clients. The regulator said its staff reviewed the application under established policies and procedures, and that full approval would not be granted until further requirements are met, including increasing the company’s capital.
World Liberty Financial is listed as the sponsor of the trust and the stablecoin plan. The company previously relied on BitGo, a third-party crypto firm, to help provide a stable digital currency.
Stablecoin Would Enable Bank-Style Payments
The new approval would allow the Trump-linked business to supply the stablecoin service directly rather than using an intermediary. The stablecoin is designed to track the value of the US dollar, which regulators and other oversight bodies have said can make it more suitable for large transactions than cryptocurrencies such as Bitcoin, which are historically volatile.
The Securities and Exchange Commission has previously described digital assets tied to steadier values, such as the US dollar or gold, as potentially marketable for use in payments, transmitting money or storing value.
As set out in the OCC-related description of the plan, clients would exchange US dollars for the stablecoin for transactions, with profits expected to flow to the Trump family’s crypto business.
Trump family affiliates have previously profited from World Liberty Financial, with the token’s value cited at the time of its public launch showing about $5 billion earned in the first days, and the company continuing to attract major investment from individuals and foreign nations. Trump himself has reported more than $1.4 billion in business revenue from the family’s crypto ventures in published financial disclosures.
White House Rejects Conflict Claims
The White House has denied that the arrangement poses a conflict. White House spokeswoman Anna Kelly said the president “only acts in the best interests of the American public”, and argued that no conflict exists because Trump’s assets are held in a blind trust managed by his children. Kelly said, “President Trump’s assets are in a trust managed by his children. There are no conflicts of interest.”
In May 2025, an Abu Dhabi state-backed investment firm, MGX, invested $2 billion in the company. MGX said it would use the Trump family’s USD 1 stablecoin for large transactions with Binance. The MGX and Binance deal later drew scrutiny after the Trump administration agreed to supply the UAE with American-made AI chips, despite concerns previously raised that such technology could end up in China.
At a crypto convention in Dubai, World Liberty Financial co-founder Zach Witkoff said of the MGX and Binance agreement: “We thank MGX and Binance for their trust in us, and I think it’s only the beginning.” Witkoff is the son of Steve Witkoff, the president’s special envoy to the Middle East.
Lawmakers Warn Of Self-Dealing
Senator Elizabeth Warren, the ranking Democrat on the Senate Banking, Housing and Urban Affairs Committee, urged the OCC to halt the approval process in a January letter to the comptroller. Warren wrote that, because the president has ultimate authority over the OCC even though the office considers itself independent, the move could amount to the president overseeing his own financial company.
Warren said the decision after the OCC’s preliminary approval was the “most brazen act of self-dealing our financial system has ever seen” and she said she planned to introduce legislation to stop what she called unprecedented corruption.
The OCC said on Friday that the charter application would be completed only after specified conditions are met, including capital increases.
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16 August 2026
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