A Trump family-linked cryptocurrency venture has cleared a major regulatory hurdle, but the approval is conditional—and it has immediately reignited questions about whether the president can benefit from, and influence, a financial institution tied to his family.

The Office of the Comptroller of the Currency approved World Liberty Trust Co.’s application for a national trust bank charter, subject to pre-opening requirements including additional capital. The conservative framing emphasizes that distinction: the charter is only “preliminarily approved,” and final authorization will not come until the company satisfies the OCC’s conditions.¹

The business case is significant. A charter could allow World Liberty Financial to bring stablecoin services in-house rather than relying partly on BitGo, potentially capturing revenue from tokens backed by reserve assets such as U.S. Treasurys. The firm says an entity affiliated with Donald Trump and family members owns 38% of it, while Zach Witkoff—son of Trump’s Middle East negotiator—serves as CEO and chairs the trust company.

That ownership structure drives the liberal critique. Rather than treating the decision as a routine regulatory step, critics argue it places presidential financial interests unusually close to bank ownership and supervision. “President Trump is now the first President in history to approve, operate, and supervise his own bank,” Sen. Elizabeth Warren said, calling it “the most brazen act of self-dealing our financial system has ever seen.”² She has urged divestment and plans legislation restricting senior officials from owning or controlling banks.

The two perspectives agree that the OCC’s decision is not yet final. They diverge over what matters most: supporters focus on procedural conditions and the regulator’s broader openness to crypto-related applications, while critics argue that no amount of ordinary regulatory review resolves the underlying conflict of interest.