Myriad: Will the Clarity Act be signed into law in 2026? Click to make your prediction.The bank would also provide digital-asset custody as a fiduciary and let custody clients convert approved stablecoins into USD1. As a trust bank, it won't take deposits, carry FDIC insurance or, for now, seek a Federal Reserve master account, and it committed to staying outside the definition of a "bank" under the Bank Holding Company Act.
Zachary Witkoff, a World Liberty co-founder, is listed as organizer, director, and president. The approval carries conditions, including a $20 million minimum capital requirement and a mandate to comply with the GENIUS Act, the stablecoin law enacted last year that has spurred a rush of crypto firms toward similar charters.
The Trump connection drew objections during the review. The OCC said it received comments flagging potential conflicts of interest involving the president, his family, the Witkoffs and Emirati investors in World Liberty, as well as questions about the Emoluments Clause.
The regulator largely dismissed those concerns as outside the scope of its review, noting World Liberty Financial itself is not a party to the application. Passivity commitments filed with the letter were signed by Eric Trump for one investing entity.
