ProCap Financial President and CEO Anthony Pompliano Joins ‘Varney & Co.’ to discuss the long-term growth potential of bitcoin, government money printing, and its new AI financial platform, Silvia. The Office of the Comptroller of the Currency (OCC) on Friday granted preliminary conditional approval for a national trust bank linked to World Liberty Financial, a crypto company partially owned by President Donald Trump’s family. The decision, announced in a letter posted on the OCC website, advances World Liberty Financial’s plans to establish a national trust bank focused in part on the issuance and management of the $1 stablecoin. World Liberty Trust Company, National Association, would be headquartered in Bay Harbor Islands, Florida, and plans to issue and redeem $1, hold reserves that back the stablecoin, and provide digital asset custody and related services to institutional clients. In its letter, the OCC said it had granted preliminary conditional approval to World Liberty Trust Company’s application for a national trust bank charter, which was filed in January. TRUMP WARNS NEW HOCHUL AND MAMDANI PIED-À-TERRE TAX COULD ACCELERATE WEALTH EXODUS IN NEW YORK President Donald Trump’s family is affiliated with World Liberty Financial, which received preliminary conditional approval from the OCC for a national trust bank. (Ahmet Serdar Eser/Anadolu via Getty Images/Getty Images) The firm welcomed the decision, calling it a “milestone” in its efforts to open the bank. “A national trust bank brings together the issuance, custody and management of $1 reserves under the supervision of the OCC, vetted by the same standards that have governed banks for generations,” World Liberty Trust Chairman and President Zach Witkoff said in a statement. “We welcome continued scrutiny by federal regulators for many years to come.” Witkoff is the son of Trump’s special envoy Steve Witkoff. Zach Witkoff said in an X post that the proposed national trust bank would have a clear goal. BANK OF AMERICA PRESENTS $250 BILLION INITIATIVE TO MODERNIZE U.S. INFRASTRUCTURE Eric Trump (center), the newly appointed director of World Liberty Financial’s ALT5 board, is accompanied by his brother and ALT5 Board observer Donald Trump Jr. (left); Zach Witkoff (center left), co-founder and CEO of World Liberty Financial; and Zak Folk (Spencer Platt/Getty Images) “Our ambition is clear: to build the most trusted and widely used digital dollar in the world while strengthening the role of the US dollar in the global economy.” The bank cannot begin operations yet and must meet a number of requirements before opening and receiving final approval from the OCC. A significant portion of the OCC letter addressed objections raised by commenters about potential conflicts with the Trump family, foreign investment, stablecoin regulation, FDIC insurance, and regulatory favoritism. BAN ON CRYPTO ATMS GOES INTO EFFECT AFTER CITIZENS REPORT LOSING NEARLY A MILLION DOLLARS IN SCAMS World Liberty Trust Chairman and President Zach Witkoff called the OCC’s preliminary approval of the proposed national trust bank a “milestone.” (Zak Bennett/Bloomberg via Getty Images/Getty Images) On its website, World Liberty Financial says it is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members.” The OCC rejected those objections as grounds for denying the statute and said staff reviewed the application according to established procedures. he wrote. CLICK HERE TO DOWNLOAD THE FOX NEWS APP An OCC official emphasized the importance of de novo banks in a statement to FOX Business, saying that a strong pipeline of new banks is crucial to a healthy financial system. The official said the new entrants bring new ideas, products and services that increase competition, drive innovation and expand consumer choice, contributing to a strong and diverse banking system that supports a modern economy. Reuters contributed to this report.
