OCC Approves Conditional Bank Charter for Trump-Backed Crypto Company World Liberty Financial

The US Office of the Comptroller of the Currency (OCC) has conditionally approved a bank charter application for World Liberty Financial, a crypto company backed by President Donald Trump's family.

World Liberty Trust Company, a subsidiary of World Liberty Financial, applied for a national trust charter in January and will be allowed to manage and hold assets on behalf of customers, settle payments faster, and issue its USD1 stablecoin. The charter does not permit deposit-taking or lending like traditional banks.

The OCC's conditional approval is subject to conditions, including notifying the regulator of any major business plan changes, maintaining at least $20 million in capital, and hiring a qualified employee as internal audit manager.

Zach Witkoff, World Liberty Trust president and chairman, welcomed the conditional approval, stating that a national trust bank would bring USD1 issuance, custody, and reserve management together under OCC supervision. The company has ties to Trump's allies, including Steve Witkoff, special diplomatic envoy, who is Zach's father.