The Trumps' Crypto Project Just Got One Step Closer to Becoming a Bank

The Office of the Comptroller of the Currency (OCC), led by Trump appointee Jonathan Gould, announced on Friday that World Liberty Financial is on track to receive a banking charter, enabling it to issue its USD1 stablecoin tokens within the U.S. without an intermediary. Politico notes this gives new powers and federal credibility to a venture in which Trump and his family retain a substantial financial interest, and is among the most direct official actions involving the president's private finances.

Co-founder Zach Witkoff, son of Trump's special envoy Steve Witkoff, praised the decision, saying 'Our ambition is clear: to build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.' Trump's financial disclosures show he made $65 million in 2025 selling shares in World Liberty Financial and almost $600 million selling stablecoins and other digital assets through the venture.

Democratic lawmakers, including Senator Elizabeth Warren, condemned the move, with Warren calling it 'the most brazen act of self-dealing our system has ever seen.' The approval illustrates the potential for regulatory decisions to directly benefit the president's private finances.