A federal banking regulator has conditionally approved a bank charter for a crypto company tied to President Donald Trump and his family, a move that could allow the venture to expand its customer base and generate additional revenue.
The Office of the Comptroller of the Currency (OCC) issued its preliminary approval Friday to World Liberty Trust Co. The company is partly owned by an entity connected to Trump and members of his family, according to information published by the business. If the remaining requirements are satisfied, the company will be able to provide certain banking services and issue a stablecoin linked to the U.S. dollar.
The approval represents an unprecedented development in American banking, as it involves a financial institution connected to the family of a sitting president. The decision has prompted criticism from Democrats, who have questioned whether Trump’s political position could create conflicts with his family’s commercial interests.
World Liberty Financial (WLF), which sponsors the trust, has previously used crypto company BitGo to support its dollar-linked digital token. The new approval could allow the Trump-affiliated venture to handle those activities itself rather than depending on another provider.
Stablecoins are generally designed to be less volatile than cryptocurrencies such as Bitcoin because their value is tied to assets such as the USD. That stability can make them more useful for payments, transfers, and other large financial transactions.
Under the proposed structure, customers could exchange dollars for the company’s stablecoin and use the digital asset for transactions. The business could potentially earn income from those activities.
Trump’s family has already benefited substantially from its crypto interests. The value of WLF’s token reportedly reached about $5 billion shortly after its launch, while investments from overseas and private participants have continued to support the venture.
Trump’s financial disclosures indicate that his crypto-related businesses have generated more than $1.4 billion in revenue.
The White House has rejected suggestions that the president faces a conflict of interest, noting that Trump’s holdings are placed in a trust overseen by his children.
The company has also attracted scrutiny over a $2 billion investment by Abu Dhabi-backed MGX in 2025. MGX said it planned to use the Trump family’s dollar-linked token in major transactions involving Binance. Attention surrounding the deal increased after the administration reached an agreement to provide the United Arab Emirates with advanced U.S. artificial-intelligence chips.
Democratic Senator Elizabeth Warren has repeatedly opposed regulatory approval for Trump-connected financial ventures. Following the recent OCC approval, she accused the administration of enabling unprecedented self-dealing and said she planned to introduce legislation addressing such arrangements.
The OCC defended its process, saying its staff followed established procedures and their legal and ethical responsibilities when reviewing the application.
The charter remains conditional. Before receiving final approval, World Liberty Trust must satisfy requirements set by the regulator, including raising its capital.
Major players in the crypto industry, such as Coinbase Global Inc. (NASDAQ: COIN), will be taking a keen interest in how concerns about possible conflicts of interest involving the president will be handled by lawmakers and regulators.
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