World Liberty Financial Secures Preliminary OCC Approval for Trust Bank

The proposed entity, known as WLTC, must satisfy a rigorous slate of preopening requirements before it receives final authorization to conduct business. These mandates include maintaining a minimum of $20 million in eligible capital and appointing a qualified internal audit manager. The regulator retains the authority to modify or withdraw this preliminary approval should developments regarding the bank's business plan or ownership structure raise concerns. Once operational, the trust bank intends to transition USD1 issuance and reserve management away from its current provider, BitGo, bringing these functions under federal supervision.

While the national trust charter provides a streamlined regulatory framework for nationwide services, it does not permit the entity to function as a traditional commercial lender. WLTC will focus exclusively on fiduciary, settlement, and custody services. The firm has tapped former Hidden Road executive Daniel Dietzel as chief financial officer and Mack McCain as chief trust officer to steer these operations from their planned headquarters in Bay Harbor Islands, Florida. The application process has faced intense political scrutiny, particularly from Senator Elizabeth Warren, who raised questions regarding the financial ties between the project and President Donald Trump. In its decision, the OCC stated that career employees conducted the review and that foreign investors involved in the firm signed agreements to ensure they would not exert control over the bank’s operations.