Trump Family Crypto Project World Liberty Obtains U.S. Banking License
Nashnova编辑部
The OCC conditionally approved a national trust bank charter for World Liberty Trust, letting it issue the USD1 stablecoin and custody dollar reserves on its own — but Democratic lawmakers are raising conflict-of-interest concerns.
What exactly did this charter approve?
The OCC — the federal regulator overseeing national banks — granted a conditional preliminary trust bank charter. Final formal approval still requires further steps.
With the charter, World Liberty can issue the USD1 stablecoin itself and custody the dollar assets backing it — both functions previously outsourced to partner firm BitGo.
This means → the middleman is cut out. World Liberty moves from "borrowing someone else's license" to holding its own, keeping both the profits and the control.
The charter does not allow deposit-taking or lending — it is fundamentally different from a traditional bank license.
What conditions did the regulator set?
The OCC imposed three requirements: minimum $20 million in capital, prior notice for major business-plan changes, and hiring a qualified head of internal audit.
Acting Comptroller Jonathan Gould was appointed by Trump. The OCC sits under the Treasury Department and has no bipartisan board.
This means → from appointing the Comptroller to signing the approval, the entire chain stays within the executive branch — congressional checks are relatively thin.
Ripple, Circle, and other crypto firms have already received similar preliminary approvals under Gould. World Liberty is not the only case.
Where is the conflict-of-interest dispute?
Democratic lawmakers argue that the president's family business is being approved by a regulator the president appointed — the referee and the player are separated by just one layer of political appointment.
At a congressional hearing, lawmakers demanded Gould hand over World Liberty's full, unredacted application. The public version did not disclose the complete capital structure or business plan.
The OCC's approval letter went out of its way to stress that the application was "reviewed by career employees" and that ongoing supervision will be handled by "non-political examiners."
In plain terms = the regulator itself recognized the optics problem and tried to draw a line — but whether that line holds depends on whether the follow-through can withstand scrutiny.
What relationship web sits inside the company?
The trust company's proposed president, Zach Witkoff, also serves as CEO of World Liberty Financial. His father, Steve Witkoff, is Trump's special envoy.
The board also includes Steve's brother Robert Witkoff and Scott Alper, president of the Witkoff family's real estate business — management is almost entirely drawn from one family circle.
This reflects a pattern: from founding to charter application, World Liberty's core decision-making circle has been the overlapping network of the Trump and Witkoff families.
Where does the USD1 stablecoin stand now?
USD1 launched in March 2025 and has grown to a market cap of roughly $4 billion, making it the world's fourth-largest stablecoin.
World Liberty Financial was co-founded by Trump, his three sons, and the Witkoff family in late 2024. It targets institutional clients — crypto exchanges, investment firms, and similar entities.
This means → if the charter clears its final hurdle, World Liberty can bypass third parties and offer stablecoin issuance and custody directly under its own banking entity — a key step from "project operator" to "infrastructure provider."
Whether the final charter comes through and whether the institutional market actually opens up still depend on further regulatory review and real-world execution.
Content is for reference only, not financial advice.