Regulatory Approval Granted to World Liberty Trust Co. as Democrats Cite Conflict of Interest

The Office of the Comptroller of the Currency (OCC) regulates banks as a bureau of the US Treasury Department. President Donald Trump attended a cryptocurrency summit in March 2025. Treasury Secretary Scott Bessent accompanied the President at the event.

1. The Office of the Comptroller of the Currency (OCC) granted preliminary approval for World Liberty Trust Co. to operate as a federally chartered trust bank on August 14, 2026.

2. Zach Witkoff is the President and Chairman of World Liberty Trust Company. He represented the firm during the regulatory process.

3. The Office of the Comptroller of the Currency (OCC) set additional conditions for the company. The firm must satisfy these requirements to receive final regulatory approval.

4. Donald Trump Jr. and Eric Trump publicly represented the venture. Both brothers participated in a Nasdaq opening bell ceremony.

1. Democratic lawmakers have criticized the approval of the banking license as a conflict of interest.

2. Mother Jones reported that critics described the charter as "the most brazen act of self-dealing our system has ever seen."

3. Donald Trump and his family hold a substantial financial interest in the World Liberty Trust Co. venture.

4. President Trump and Treasury Secretary Scott Bessent attended a White House cryptocurrency summit in March 2025. The meeting occurred months before the charter decision.