A trust company tied to the Trump family’s cryptocurrency venture, World Liberty Financial, has received preliminary approval from the Treasury Department’s Office of the Comptroller of the Currency to establish a bank. This conditional green light would grant World Liberty Trust Company a bank charter, effectively allowing the organization to issue and manage its own stablecoins directly rather than relying on third party intermediaries. The project was launched in 2024 by the president’s sons along with partners associated with Steve Witkoff, and official records indicate that an entity linked to Donald Trump and his family owns thirty eight percent of the business.
The decision has sparked immediate backlash from Democratic lawmakers who argue that giving bank status to a firm affiliated with the first family creates an inherent conflict of interest. Senator Elizabeth Warren described the development as a brazen act of self dealing, joining other Democratic senators in proposing legislation that would prohibit the president, vice president, and their families from owning or controlling any banking institution. Critics such as NYU professor Austin Campbell noted that it is unprecedented for the government agency tasked with policing a bank to be overseeing one so closely tied to the sitting president.
In response to these accusations, representatives for World Liberty insist that strict firewalls are in place to keep the Trump family removed from operational roles during the current administration. A spokesperson argued that seeking a national charter actually demonstrates a commitment to transparency because it subjects the company to permanent federal regulatory supervision regardless of who is in power. They suggested that critics were ignoring the fact that World Liberty is actively pursuing regulation and oversight rather than attempting to evade it.
While President Trump has maintained that he does not handle the daily operations of his crypto interests, those ventures have proven immensely profitable. Recent financial disclosures reveal he earned at least one point four billion dollars from cryptocurrency activities over the past year alone. Despite this initial milestone, World Liberty Trust Company must still satisfy several stringent requirements before receiving final approval to officially operate as a bank.
