US regulator approves bank charter for Trump-backed crypto company World Liberty Financial

On August 14th, the Office of the Comptroller of the Currency, a U.S. federal financial regulator, conditionally approved a bank charter for World Liberty Trust Company, a crypto venture backed by President Donald Trump and his family. This approval effectively enables World Liberty to expand its stablecoin operations. The charter, when fully approved, will allow the company to manage customer assets and settle payments more efficiently, though it does not permit traditional deposit-taking or lending activities.

The oversight from the OCC, part of the Treasury Department, includes regular examinations and requires the firm to maintain at least $20 million in capital and hire an internal audit manager. The leadership of World Liberty Trust is closely connected to the Witkoff family, who are known Trump allies. Despite concerns over potential conflicts of interest, the OCC's approval letter stated that the application was reviewed by competent staff and would be overseen by nonpolitical examiners.