## Cryptocurrency Company with Family Ties to American Politician Sets Ambitious Plans in the US Financial Market

In mid-January, a structure affiliated with World Liberty Financial took a significant step toward expanding its presence within the American banking system. The application to the Office of the Comptroller of the Currency (OCC) concerns obtaining a specialized trust bank license. This would allow the company to independently manage its USD1 stablecoin without involving external financial intermediaries.

Expanding banking capabilities is particularly important in the context of the dynamic development of digital assets. Currently, USD1 holds a notable position in the market with a capitalization of $2.15 billion. This figure reflects growing investor interest in dollar-backed stablecoins, especially amid changing geopolitical circumstances.

## Leadership Structure and Key Figures

The application process is characterized by a clear organizational structure. At the head of the proposed trust company will be Zak Vitkoff, who also serves as another executive in the main organization. Vitkoff comes from an influential family and works closely with members of the Trump family, including Eric Trump and his brothers, who have been identified as co-founders of the project.

It is important to note that Donald Trump has received the title of emeritus co-founder, giving him a symbolic position without operational control. The same logic applies to other family members. Structurally, this places ownership of shares without voting rights, intended to minimize potential conflicts of interest. Mac McCain, the company's chief legal officer, is designated as the proposed chief trust officer if the license is approved.

## Operational Strategy and Services

The planned trust bank will primarily serve institutional clients. These include large digital asset trading platforms, profile market makers, and funds. Main services will include direct issuance and holding of USD1, custodial storage of crypto assets, and operational settlements with stablecoins.

The current reserve holding mechanism depends on the crypto custodian BitGo, which management believes creates unreliability in scaling operations. Obtaining a federal license will allow World Liberty to directly manage its reserves, accelerate product innovation, and reduce dependence on third-party services.

It is important to understand the difference between a trust bank and a full-service credit institution. Unlike traditional commercial banks, trust institutions are under federal supervision but generally do not have the right to accept deposits from the public or issue loans. However, such a license provides the legitimacy necessary for financial growth in the American market.

## Regulatory Context and Industry Trends

The application is being submitted amid a noticeable shift in the stance of federal regulators. In December, trust licenses were approved for BitGo, Paxos, as well as digital asset divisions of Fidelity and Ripple. These decisions indicate an evolution in the regulatory approach to integrating cryptocurrencies into the traditional financial system.

However, this expansion raises concerns among banking lobbying organizations, which express fears of potential systemic risks. Critics also point to transparency issues regarding the political connections of project participants. Notably, last year’s pardon of the founder of one of the major trading platforms revealed intertwined political decisions and economic interests within the crypto sector.

## Responding to Challenges and Compliance

World Liberty’s leadership actively opposes criticism regarding conflicts of interest. Their position is based on the assertion of a clear separation between political aspects and business control. Ownership by members of the influential family is structured to ensure no decisive influence over management.

The company has explicitly addressed compliance requirements. They declare their intention to adhere to the provisions of the recently enacted stablecoin law. Additionally, World Liberty has committed to anti-money laundering measures, sanctions checks, and providing necessary reports to regulators.

OCC will now review this application within a standardized assessment process. The final decision will be decisive for the future trajectory of World Liberty and, more broadly, for the development of hybrid banking models in the American crypto industry.