Trump-Linked World Liberty Financial Gets OCC Green Light for National Trust Company Charter

The Office of the Comptroller of the Currency (OCC) has given preliminary approval to World Liberty Financial, a crypto and DeFi platform tied to President Donald Trump's family, for a national trust company charter. This would allow the company to bring $USD1 issuance, redemption, reserve management, and digital asset custody in-house.

The proposed bank, which will operate from Bay Harbor Islands, Florida, aims to acquire $USD1 reserve assets and associated liabilities from Bitgo Bank & Trust if it wins final authorization. World Liberty intends to use the charter to give $USD1 more appeal for institutional payments, settlement, and treasury operations.

However, the OCC's approval comes with conditions. The company must raise at least $20 million in tier 1 capital and keep the greater of $10 million or 50% in eligible liquid assets. World Liberty also needs to build compliance systems, install an independent internal audit manager, and put senior officers and directors through OCC review.

Democrat lawmakers have criticized the application over concerns about potential conflicts of interest due to the Trump family's financial stake in World Liberty. The company's CEO, Zach Witkoff, stated that the charter would bring $USD1 issuance, custody, and reserve management together under OCC supervision.