Washington DC - World Liberty Financial, the cryptocurrency company run by President Donald Trump and his family, recently got approved to open their first bank.
In a letter issued on Friday, the Office of the Comptroller of the Currency, the bank regulatory arm of the Treasury Department, informed the Trumps' World Liberty Financial (WLF) that they have been granted "preliminary conditional approval" for their application "to establish a new national trust bank, which will engage in operations of a trust company... including fiduciary activities."
Final approval and authorization will not be granted "until all preopening requirements are met."
Zach Witkoff – the company's president and son of Trump administration special envoy Steve Witkoff – confirmed the news in an X post.
Trump and his two eldest sons – Don Jr. and Eric – launched WLF back in October 2024 alongside other entrepreneurs. In May 2025, the company officially went public on the stock market.
The bank approval comes as Trump and his family continue to face heightened scrutiny for shamelessly profiting off of his time in office in unprecedented ways.
Last month, financial disclosures revealed that in 2025 alone, President Trump made around $1.2 billion in income from his crypto activities, with $550 million coming from WLF.
Trump later dismissed criticisms regarding the obvious conflict of interest, insisting that "everybody's profiting" from his time in power.
On Friday, Massachusetts Senator Elizabeth Warren and other Democrats unveiled legislation that seeks to prohibit regulators from approving banks for companies owned or controlled by elected officials.