The OCC has issued preliminary conditional approval for World Liberty Trust Company, a Florida-based national trust bank affiliated with the Trump family’s World Liberty Financial venture.
Operating as a trust bank, the entity will not accept deposits, carry FDIC insurance, or seek a Federal Reserve master account at this stage.
The OCC dismissed public concerns regarding potential conflicts of interest involving the Trump family and Emirati investors, stating these issues fall outside the regulator’s current scope.
On Thursday, the Office of the Comptroller of the Currency granted preliminary conditional approval to a national trust bank connected to World Liberty Financial. This development, tied to the crypto venture supported by President Donald Trump and his family, clears a significant regulatory path for the firm’s USD1 dollar-pegged stablecoin.
The proposed entity, World Liberty Trust Company, National Association, will be headquartered in Bay Harbor Islands, Florida. According to the OCC’s decision, the bank intends to manage the issuance and redemption of USD1, effectively taking over the role currently held by BitGo, the firm’s exclusive issuer and custodian.
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The bank is intended to provide fiduciary digital-asset custody, allowing clients to convert approved stablecoins into USD1. To maintain its status as a trust bank, the institution has committed to operating outside the legal definition of a “bank” under the Bank Holding Company Act, meaning it will not accept deposits, provide FDIC insurance, or seek a Federal Reserve master account at this time.
Zachary Witkoff, a co-founder of World Liberty, serves as the organizer, director, and president. The approval is subject to several conditions, including a minimum capital requirement of $20 million and mandatory compliance with the GENIUS Act—a stablecoin law passed last year that has prompted many crypto companies to seek similar regulatory charters.
The OCC has previously approved national trust charters for several major digital-asset firms, including Circle, Ripple, Paxos, Fidelity, and BitGo. World Liberty’s application was submitted earlier this year.
The connection to the Trump family prompted various objections during the review process. The OCC noted that public comments raised concerns regarding potential conflicts of interest involving the president, his family, the Witkoffs, and Emirati investors in World Liberty, as well as questions regarding the Emoluments Clause.
The regulator dismissed these objections as being outside the scope of its review, noting that World Liberty Financial is not a direct party to the application. Compliance documents regarding passivity were signed by Eric Trump on behalf of one investing entity.
Meanwhile, Senator Elizabeth Warren has criticized the OCC’s approval of crypto charters, arguing that these firms function as banks while intentionally avoiding the regulatory safeguards required of traditional banking institutions. The new bank has an 18-month window to begin operations.
