Trump family-linked crypto firm World Liberty gets conditional bank charter approval

Published Aug 14, 09:10 PM UTC

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The Office of the Comptroller of the Currency (OCC) has conditionally approved a national trust bank charter for World Liberty Trust Company, a firm sponsored by World Liberty Financial. The crypto company, which states on its website that an entity affiliated with President Donald Trump and his family owns 38% of it, can now bring stablecoin services in-house instead of relying on third parties like BitGo. The charter approval process requires additional steps, including capital raising. The OCC under Trump has seen a surge in bank charter applications, many tied to crypto projects. Democratic Senator Elizabeth Warren had urged the OCC to reject the application unless Trump divested his interests. World Liberty Financial CEO Zach Witkoff, son of Trump's Middle East negotiator, welcomed continued regulatory scrutiny.

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US Top News and AnalysisWestern

Original headline: Trump family-backed crypto firm World Liberty gets conditional bank charter approval

Original language: EN-US

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Donald Trump Elizabeth Warren