The Office of the Comptroller of the Currency has granted preliminary conditional approval for a national trust bank linked to World Liberty Financial, a cryptocurrency project involving the family of President Donald Trump. According to a letter published on the regulator’s website, the move clears a major hurdle for World Liberty Trust Company, National Association, which intends to base its operations in Bay Harbor Islands, Florida. The primary focus of the new institution will be the issuance and redemption of the USD1 stablecoin, along with providing digital asset custody and reserve management services specifically tailored for institutional clients.
Zach Witkoff, who serves as the president and chairman of the venture and is the son of Trump’s special envoy Steve Witkoff, described the announcement as a milestone for the company. He noted that establishing a national trust bank allows them to integrate their financial activities under federal supervision using long standing banking standards. Speaking about the broader goal of the project, Witkoff stated that his ambition is to create one of the most trusted digital dollars globally while simultaneously reinforcing the dominance of the U.S. dollar within the international economy.
Despite this progress, the bank cannot start operations immediately. It must first meet several specific requirements set by regulators before it can receive final approval from the OCC. The process has not been without controversy, as a significant portion of the agency’s correspondence addressed public concerns regarding potential conflicts of interest stemming from Trump’s involvement, alongside questions about foreign investment and whether any regulatory favoritism had played a role in the decision.
The OCC dismissed these objections as valid reasons to deny the charter, asserting that career staff reviewed the application through standard procedures for new banks. An official from the office told Fox Business that encouraging new entrants into the banking sector is vital for maintaining a healthy financial system. By bringing in fresh ideas and increasing competition through innovation and expanded consumer choices, they argued that such approvals help support a more modern American economy.