World Liberty Financial, a cryptocurrency platform backed by members of the Trump family, is taking another step toward becoming part of the regulated banking system. A newly formed affiliate, World Liberty Trust Co., has applied for a U.S. trust bank charter—while still searching for a key executive to lead its finances.
According to a January 5 filing, the proposed trust bank has yet to name a chief financial officer, listing the role as “to be identified.” People familiar with the matter say the company expects to fill the position in the near future. A spokesperson said the firm intends to assemble a “world-class executive team” as the application process moves forward.
If approved, the charter would allow World Liberty Trust to operate as a regulated trust bank, including safeguarding digital assets for clients. The application has drawn attention because of the company’s ties to World Liberty Financial, which was co-founded by Donald Trump and his family in the lead-up to the 2024 election.
Regulatory spotlight and political scrutiny
The bank charter bid comes at a time when Washington is showing a more welcoming stance toward digital assets. The Office of the Comptroller of the Currency, which oversees national banks, has recently signaled openness to granting charters to crypto firms. Several companies, including Ripple and Paxos, have already received preliminary approvals.
Still, the move has not been without controversy. Critics, including Democratic Senator Elizabeth Warren, have urged regulators to pause or halt the review, citing concerns over potential conflicts of interest tied to the president’s family.
Industry advisers note that leaving senior roles unfilled during the application phase is not unusual. Regulatory attitudes toward crypto have evolved, with experts describing a shift from near-zero tolerance to a more flexible approach.
Leadership plans and broader ambitions
The filing also outlines plans for governance. If the charter is approved, Zachary Witkoff—CEO of World Liberty Financial—would serve as chairman of the trust bank’s board. He is the son of Steven Witkoff, a longtime Trump associate and current U.S. special envoy. The proposed board includes other Witkoff family members and business partners, alongside two independent directors with backgrounds in finance and business.
World Liberty says the trust bank’s primary goal is to support broader, mainstream use of its USD1 stablecoin and to provide secure custody services for institutional investors. The company has already seen significant financial gains from its crypto offerings, underscoring why its next steps are being closely watched.
