World Liberty Financial, the cryptocurrency firm co-founded by Trump and his three sons, applied for a national trust bank charter from the Office of the Comptroller of the Currency, a federal banking regulator now led by Trump appointee Jonathan Gould. The charter would grant the Trump family's crypto venture federal banking privileges.
The firm's finances have been volatile. A CNBC analysis published June 9, 2026 found that the president and members of his family were entitled to roughly $500 million in proceeds from one token sale even as outside investors saw steep losses: the publicly traded vehicle (ALT5 Sigma, later AIFC) that bought $1.5 billion in WLFI tokens at 20 cents each watched their value fall to roughly 5.7 cents, a 72% decline, while its own stock fell about 93%.
World Liberty was also the presenting partner of the Performance of the Night bonus at UFC Freedom 250, the fight event held on the White House South Lawn, adding $250,000 in its USD1 stablecoin; Crypto.com and Ram Trucks were the event's presenting sponsors. The arrangement leaves a Trump-appointed regulator weighing federal banking powers for a company that enriches the president's family (see The Trump Family Launched a Crypto Company During the 2024 Campaign, and It Became One of His Largest Sources of Income, AP: The Trump Organization Has Done Eight Foreign Deals in His Second Term, After Zero in His First).
Update (September 16, 2026): On August 14, 2026, the OCC granted World Liberty Trust Co. preliminary conditional approval for the charter. The bank cannot open until it meets conditions including capital requirements, and the approval can be rescinded. American Banker reported that “The charter does not extend to depository services”; World Liberty Trust plans to take over issuance and custody of the USD1 stablecoin. World Liberty says it is 38 percent owned by an entity affiliated with Trump and certain family members. The OCC's letter said career staff reviewed the application “for consistency with the statutory, regulatory, and policy requirements and factors for approval of a de novo application.” World Liberty Financial CEO Zach Witkoff said, “We welcome continuous scrutiny from Federal regulators for many years to come.”
On September 14, Sen. Elizabeth Warren sought unanimous consent to pass the Ending Presidential Corruption in Banking Act, which would bar banking approvals for applicants owned or controlled by senior government officials and terminate any such charters granted since January 20, 2025, including World Liberty's. “Donald Trump is now the first President in history to own and oversee his own bank. It may be the most brazen act of self-dealing our financial system has ever seen,” she said. The approved charter is for a trust bank without deposit-taking, and the Trump family's stake is a partial one in the parent company.
The next day, the Senate failed 49-50 to advance the crypto market structure bill, H.R. 3633, with 60 votes needed. Republicans Susan Collins, Josh Hawley, Jerry Moran and Thom Tillis joined Democrats in opposition. AP reported Democrats sought stricter enforcement and “a requirement for Trump or any future president to divest” crypto holdings above a certain value, noting that last year's stablecoin law barred members of Congress and their families from profiting “but it did not extend to Trump or his family.” Sen. Mark Warner said “we cannot pass landmark legislation governing this industry while allowing the president of the United States to personally profit from it.” Warren had said on September 14 of the Republican ethics language, “As if the glaring loopholes in the latest ethics provision weren't enough, it doesn't even apply to Donald Trump's new bank.” White House crypto adviser Patrick Witt said, “The full cost of today's result may not be known for years to come.”
Correction (September 25, 2026): this entry described World Liberty as co-founded by Trump's sons (Trump co-founded it with his three sons), said the family took in about $500 million from the venture (CNBC reported the family was entitled to that sum from one token sale), called World Liberty a presenting sponsor of the White House UFC event with branding in the Octagon (it was presenting partner of one bonus award; the presenting sponsors were Crypto.com and Ram Trucks), overstated the reach of Warren's bill, attributed American Banker's own words to the OCC letter, and misdated one Warren remark. The OCC's decision letter has been added as a source.