August 14, 2026 · Corruption, Ethics & Self-Dealing
· Ethics and financial event
Confirmed
Federal Bank Regulator Conditionally Approves a National Trust Bank for the Trump Family’s Crypto Firm
The Office of the Comptroller of the Currency on Friday, Aug. 14, conditionally approved World Liberty Trust Co.’s application for a national trust bank, according to a letter posted on the agency’s website. The trust company is sponsored by World Liberty Financial, which states on its own website that it is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members.” The charter would let World Liberty issue and redeem stablecoins in house rather than through the third-party provider BitGo.
A president’s family business obtaining a charter from a regulator inside his own administration collapses the usual distance between the regulated and the regulator. The OCC has received 40 applications since 2025, many tied to crypto projects; they are reviewed by career staff.
The approval is conditional on preopening requirements including raising capital. Chief executive Zach Witkoff, son of Trump’s Middle East negotiator Steven Witkoff, said the firm welcomes “continuous scrutiny from Federal regulators.” Sen. Elizabeth Warren called it “the most brazen act of self-dealing our financial system has ever seen” and said she would introduce legislation barring presidents from owning banks. The OCC declined to comment.
A president’s family business obtaining a charter from a regulator inside his own administration collapses the usual distance between the regulated and the regulator. The OCC has received 40 applications since 2025, many tied to crypto projects; they are reviewed by career staff.
The approval is conditional on preopening requirements including raising capital. Chief executive Zach Witkoff, son of Trump’s Middle East negotiator Steven Witkoff, said the firm welcomes “continuous scrutiny from Federal regulators.” Sen. Elizabeth Warren called it “the most brazen act of self-dealing our financial system has ever seen” and said she would introduce legislation barring presidents from owning banks. The OCC declined to comment.