On August 14, the Office of the Comptroller of the Currency (OCC) approved a bank charter application issued by World Liberty Financial, the Trump family-owned business that allowed the President to blur the line between the personal and the civil, and rake in billions of dollars as a result. World Liberty Financial announced that it made the request on January 7.
The OCC announced that the approval was conditional. While deposit-taking and lending are unlikely to be permitted, it could still manage and hold the assets of clients and “settle payments faster.” It could also directly issue the United States Dollar-backed USD1 stablecoin without having to go through middlemen, while enjoying control over the Dollar assets giving it value. At this point in writing, these two are being handled by BitGo. Conditions include “notifying the regulator of any major business plan changes, maintaining at least $20 million in capital and hiring a qualified employee to serve as the firm’s internal audit manager.”
This decision by the OCC amounts to a significant conflict of interest. The OCC is under the Treasury Department, which is controlled by Secretary Scott Bessent, who was nominated by Trump. Comptroller Jonathan Gould was also appointed by Trump himself. The neutrality and objectivity of the charter approval itself is questionable. Zach Witkoff, son of Trump-appointed “special diplomatic envoy” (this position is not confirmed by Congress), Steve Witkoff, is the CEO of World Liberty Financial, while Robert Witkoff, Steve’s brother, is slated to be a director of World Liberty Trust. Scott Alper, president of the Witkoff family real estate business, has also been a proposed director.
This decision also risks exposing the United States to increased foreign influence. World Liberty Financial sold $263 million in equity to a member of the United Arab Emirates royal family.
USD1 has surged in value, undoubtedly because of Trump’s preference for it as President. “It is currently the fourth largest stablecoin by market capitalization, at around $4 billion.” The ethical damage has already been done, with Trump and his family making $1.6 billion, with $526 million of that being made in 2025, by abusing their position of authority.
