On Wednesday, Trump plans to host representatives from cryptocurrency companies and prediction market businesses at the White House for a private discussion on regulation, and several major industry players are expected to attend.
President Donald Trump is expected to speak at the event, and Commodity Futures Trading Commission (CFTC) Chairman Michael Selig is also scheduled to address the attendees. Among the companies expected to participate are Coinbase (NASDAQ: COIN), a16z, Ripple, Chainlink, Kalshi, Paradigm, and the Digital Chamber.
Paradigm is an investor in Kalshi. Patrick Witt, who heads President Trump's advisory council on digital assets, is also expected to be present.
The White House meeting takes place a day before the Commodity Futures Trading Commission holds the inaugural meeting of its newly formed 35-member Innovation Advisory Committee on Thursday.
Trump Administration Draws Cryptocurrency Companies to Washington
Meanwhile, earlier, the Office of the Comptroller of the Currency (OCC), part of the Treasury Department, granted conditional preliminary approval to the application of a national trust bank associated with World Liberty Financial, a cryptocurrency business launched with the involvement of Trump and his family members.
World Liberty Trust filed its license application in January. The company will gain approval to independently issue its USD1 stablecoin and to custody the dollars backing that token. BitGo is currently handling this work for World Liberty Trust Company.
World Liberty called the OCC's approval a "significant milestone" in its plans to establish the bank.
Zak Witkoff, President and Chairman of World Liberty Trust, stated:
"The national trust bank unifies the issuance, custody, and management of the reserves for US1 under OCC supervision, holding them to the same standards that have governed banks for generations. We welcome ongoing federal regulatory oversight for years to come."
World Liberty must still maintain capital of at least $20 million, hire a qualified officer to manage internal audit, and notify the OCC before making any material changes to the submitted business plan.
Companies Ripple and Circle Internet Group (NYSE: CRCL) received preliminary OCC approval to form national trust banks due to the appointment of Comptroller Jonathan Gould, who was confirmed to the position by Trump just a year ago.
This also raised questions regarding the investors in the crypto firm. According to the OCC, foreign investors linked to the parent company will not necessarily be considered controlling owners of the bank.
Some foreign investors have entered into passivity agreements and do not intend to control the bank's decision-making.
Eric Trump, son of Donald Trump, was among those who signed one of the agreements. He did so as president of an investment company related to the Trump family.
Democrats Question World Liberty's Family Ties, While Polymarket Refutes JPMorgan Claims
Zak is the son of Steve Witkoff, a special presidential envoy for Trump. The Witkoff family helped Trump and his three sons establish World Liberty Financial in late 2024, and Zak currently serves as the CEO of the company.
Robert Witkoff, Steve's brother and a former insurance executive, is reportedly slated to join the World Liberty Trust board. Scott Alper, president of the Witkoff family's real estate business, has also been proposed as a board nominee.
Democratic lawmakers stated that approving a bank owned by the president's family members would create a conflict of interest.
During congressional hearings in February, they pressured Jonathan to provide lawmakers with full, unredacted copies of World Liberty's application for private review. The publicly available copy lacked some details on the company's capital structure and operations.
In its approval letter, the OCC defended its approach to reviewing the application. It stated that Jonathan and agency staff "acted consistent with their statutory duties and ethical obligations with respect to the application." The OCC also said the vetting was performed by career staff and that, should the bank begin operations, its activities would be overseen by independent experts.
