Trump crypto venture World Liberty gets preliminary bank approval
World Liberty Financial secures preliminary OCC approval for a national trust bank charter to manage stablecoins and digital assets.
The skyline of Bay Harbor Islands in Florida where the proposed World Liberty Trust Company is based.
Preliminary Approval and Bank Plans
The decision advances World Liberty Financial's plans to establish a national trust bank in Florida. World Liberty Trust Company intends to issue and redeem USD1 while maintaining reserves.
The firm submitted its application for a national trust bank charter in January. Federal regulators evaluated the proposal according to standard Banking requirements.
The bank cannot begin operating immediately and must satisfy several regulatory requirements. Final approval depends on meeting all conditions set by the OCC.
Leadership and Strategic Goals
World Liberty Trust President and Chairman Zach Witkoff welcomed the decision as a major milestone. He stated that the bank brings Stablecoin operations under established federal supervision.
Zach Witkoff is the son of President Trump's special envoy Steve Witkoff. He emphasized the ambition to build a trusted digital dollar that strengthens the U.S. currency globally.
The proposed institution aims to provide digital asset custody to institutional customers. It will operate under the same standards governing traditional banks for generations.
Regulatory Review and Objections
The OCC addressed various objections raised by commenters regarding potential conflicts and foreign investment. Critics also questioned Stablecoin Regulation and possible regulatory favoritism.
World Liberty Financial discloses that an entity affiliated with Donald J. Trump owns thirty-eight percent of the firm. The OCC rejected objections as grounds for denying the charter.
Career agency staff reviewed the application for consistency with statutory and policy rules. Officials noted that new entrants increase competition and drive financial innovation.
Related Articles
