Donald Trump · Federal Reserve (FED) · Circle · Decrypt
The proposed institution, World Liberty Trust Company, National Association, would be based in Bay Harbor Islands, Florida
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The bank would also provide digital-asset custody as a fiduciary and let custody clients convert approved stablecoins into USD1.
Key facts
- The proposed institution, World Liberty Trust Company, National Association, would be based in Bay Harbor Islands, Florida
- The Office of the Comptroller of the Currency on Thursday granted preliminary conditional approval for a national trust bank tied to World Liberty Financial, the crypto venture backed by President
- Zachary Witkoff, a World Liberty co-founder, is listed as organizer, director, and president
- Elizabeth Warren has separately called the OCC's crypto charter approvals illegal, arguing the firms function as banks while sidestepping the safeguards that status requires
Summary
The OCC granted preliminary conditional approval for World Liberty Trust Company, a Florida-based national trust bank tied to the Trump family's World Liberty Financial. As a trust bank it won't take deposits, carry FDIC insurance or seek a Fed master account for now. Commenters raised conflict-of-interest concerns over ties to Trump, his family and Emirati investors—which the OCC dismissed as outside its scope. The Office of the Comptroller of the Currency on Thursday granted preliminary conditional approval for a national trust bank tied to World Liberty Financial, the crypto venture backed by President Donald Trump and his family, clearing a major hurdle for the firm's dollar-pegged stablecoin. The proposed institution, World Liberty Trust Company, National Association, would be based in Bay Harbor Islands, Florida.