Critics expressed alarm on Tuesday amid a new report suggesting that President Donald Trump’s cryptocurrency firm is about to get federal banking privileges.
As reported by NOTUS, the Office of the Comptroller of the Currency (OCC) in the coming weeks is expected to approve a national trust bank charter for World Liberty Financial, the crypto startup founded by members of the Trump family and the family of Trump Middle East envoy Steve Witkoff.
Were it to receive the charter, NOTUS explained, World Liberty Financial would receive “significant legal and financial benefits,” including being able “to settle financial transactions akin to Venmo or PayPal on the World Liberty Financial platform, through which the Trump family could receive a cut.”
David Wachsman, a spokesperson for World Liberty Financial, dismissed concerns about conflicts of interest, telling NOTUS that “none of [the company’s] leadership or employees work for the US government,” even though the president and his entire family stand to personally benefit from the charter’s approval.
Corey Frayer, director of investor protection for Consumer Federation of America, told NOTUS that here was simply no precedent for a sitting president being granted such privileges for a company he founded by a comptroller whom he personally appointed.
“For the first time in history, a president is leaning on a bank regulator to give his private enterprise the implicit backing of the federal government,” Frayer explained. “It’s outrageous."
Diana Henriques, a veteran financial journalist best known for her extensive coverage of the Ponzi scheme run by disgraced financier Bernie Madoff, also expressed horror at the prospect of the OCC carrying out the president’s bidding.
“The guardrails continue to fall,” Henriques wrote. “It is functionally impossible to regulate a bank owned by the president. Yet it can imperil the entire banking system if it runs off the rails. For heaven’s sake, this has to be stopped.”
Derek Martin, vice president at Focal Point Strategy Group, wrote that there is “no other way to interpret” the NOTUS report “than Trump using the government to advance his own firm’s interests.”
“World Liberty Financial’s entire brand—and reason for existence, basically—is ‘We are affiliated with Trump,’” Martin added. “This is just the latest way they’re leveraging it.”
Government watchdogs for months have been raising alarms about the president having his own cryptocurrency firm, which has received massive investments from foreign governments since its founding in 2024.
According to NOTUS reporter Jeff Stein, Trump has reported personally earning $57 million from World Liberty Financial so far, a number that could get significantly higher if the firm is granted its charter.
An analysis published by Forbes last month estimated that Trump has nearly tripled his wealth since returning to office, going from a net worth of $2.3 billion in 2024 to $6.5 billion in 2026.
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