OCC Greenlights Trump Family's Crypto Power Grab with Preliminary Bank Charter
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The Office of the Comptroller of the Currency has conditionally approved World Liberty Financial, a crypto firm founded by Donald Trump Jr. and Eric Trump, to form a national trust bank—sparking outrage over blatant conflicts of interest and deepening fears of elite self-dealing.
On Friday, the Office of the Comptroller of the Currency (OCC) issued a letter granting preliminary conditional approval for World Liberty Financial’s application to establish the World Liberty Trust Company, National Association. This crypto venture, founded in 2024 by Donald Trump Jr. and Eric Trump, is reported to be 38% owned by an entity directly tied to Donald J. Trump and his family, raising immediate red flags about the unchecked influence of political dynasties in the financial sector.
Senator Elizabeth Warren, the leading Democrat on the Senate Banking Committee, condemned the approval as a glaring conflict of interest, calling it 'the most brazen act of self-dealing our financial system has ever seen.' Warren's criticism highlights the ongoing erosion of regulatory integrity and the dangerous precedent set when powerful families can leverage their political connections to gain control over critical financial infrastructure.
If finalized, the charter would allow World Liberty to issue its own USD-stablecoin and hold U.S. dollar assets, a privilege currently reserved for established partners like BitGo. Reuters noted that while similar charters have been granted to other crypto firms such as Ripple and Circle, the Trump family’s involvement raises unique concerns about corruption and the privatization of public trust.
World Liberty Financial hailed the OCC’s decision as 'a milestone in a multi-step chartering process,' and announced that the bank’s board would be chaired by Zach Witkoff, son of a former special envoy to the Middle East—further evidence of entrenched nepotism. The OCC claimed the application was reviewed by career staff, with Comptroller Jonathan Gould announcing the decision, but critics argue that regulatory capture is undermining the public interest.