The Trump family's cryptocurrency venture World Liberty Financial Inc. has got the greenlight to launch a national trust bank — but not if Sen. Elizabeth Warren can stop it.
World Liberty Trust president Zach Witkoff, whose father is U.S. Special Envoy Steve Witkoff, a Trump ally, hailed the decision on X.
"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.
Warren had a different interpretation of World Liberty's goals.
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"This is the most brazen act of self-dealing our financial system has ever seen," she said on X.
Warren and her Democratic colleagues on the U.S. Senate Committee on Banking, Housing and Urban Affairs raised the alarm about potential presidential conflicts of interest when World Liberty applied for a bank charter in January of this year.
The firm, co-founded by Donald Trump in 2024 before his second term as president, trades in the USD1, a stablecoin tied to the U.S. dollar.
"We have never seen financial conflicts or corruption of this magnitude," she said at the time.
Warren's concerns are not only about the money Trump's family is making from World Liberty while he's in office, but that while he is president, a government arm that regulates banks — The Office of the Comptroller of the Currency (OCC) — granted the company conditional approval to establish a national trust bank under the World Liberty Trust banner.
Zach Witkoff said that his company will comply with all the OCC requirements and the OCC will regulate World Liberty Trust. Unlike a regular commercial bank, it will not be able to make loans or accept federally insured deposits.
But those reassurances are not good enough for Sen. Warren, who is prepared to introduce legislation to challenge the move. Here's a look at how much money is involved.
How Trump's family could stand to benefit
According to Bloomberg, World Liberty was worth $1.7 billion by June of this year. Trump's family had a $630-million share of that worth thanks to their 38% ownership in the two-year-old venture — the biggest asset in their portfolio. There are $4 billion worth of USD1 stablecoins in circulation, according to CNN.