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

Trump appears at a March 2025 White House cryptocurrency summit alongside Treasury Secretary Scott Bessent, whose department houses the Office of the Comptroller of the Currency. Chris Kleponis/CNP/Zuma

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Federal regulators have given President Donald Trump’s family crypto business a conditional approval to operate like a bank. On Friday, the Office of the Comptroller of the Currency—led by Trump appointee Jonathan Gould—announced that World Liberty Financial, a crypto venture controlled by the Trump family, was on track to receive a banking charter. This will allow World Liberty Financial to issue its stablecoin tokens—called “USD1″—inside the United States without an intermediary.

“The decision stands to give new powers and federal credibility to a venture in which Trump and his family retain a substantial financial interest,” as Politico‘s Michael Stratford and Declan Harty put it. “It’s also among the most direct official actions that the administration has taken involving the president’s private finances.”

Zach Witkoff, son of Trump’s special diplomatic envoy Steve Witkoff and co-founder of World Liberty Financial, applauded the decision on social media. “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,” he wrote.