President Donald Trump is set to host crypto companies and prediction market businesses at the White House on Wednesday for a private discussion on regulation, with several major industry names expected to be in the room.

Trump is expected to speak at the gathering, and CFTC Chair Mike Selig is also scheduled to address attendees. Companies expected to take part include Coinbase (NASDAQ: COIN), a16z, Ripple, Chainlink, Kalshi, Paradigm, and the Digital Chamber. Paradigm is one of Kalshi’s investors. Patrick Witt, who leads Trump’s presidential council of advisers on digital assets, is also expected to attend.

The White House meeting is scheduled for one day before the CFTC holds the first session of its newly created 35-member Innovation Advisory Committee on Thursday, putting two back-to-back federal touchpoints in front of the same broad crypto policy conversation. For an industry that has spent much of the past few years dealing with shifting enforcement priorities and unclear rulemaking, the timing gives companies a chance to press for more direct engagement with regulators while those agencies are actively shaping their oversight approach.

Trump administration brings crypto companies to Washington

Earlier, the Office of the Comptroller of the Currency, an agency within the Treasury Department, gave conditional preliminary approval to a national trust bank application connected to World Liberty Financial, the crypto business launched by Trump and members of his family.

World Liberty Trust Company applied for the license in January. If approved fully, the company would be allowed to issue the USD1 stablecoin on its own and hold the dollars backing the token. At present, BitGo performs that role for World Liberty Trust Company.

World Liberty described the OCC approval as a “milestone” in its plans to establish the bank.

Zach Witkoff, president and chairman of World Liberty Trust, said:

“A national trust bank brings USD1 issuance, custody, and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations. We welcome continuous scrutiny from Federal regulators for many years to come.”

World Liberty still must maintain at least $20 million in capital, hire a qualified employee to handle internal auditing, and notify the OCC before making any major changes to the business plan it submitted.

Ripple and Circle Internet Group (NYSE: CRCL) have also received provisional OCC approvals for a national trust bank charter through Comptroller Jonathan Gould, who was appointed by Trump last year. Taken together, those approvals show how stablecoin-related firms are increasingly seeking bank-style oversight as they work to expand payment and custody operations within a clearer federal framework.

The approval also raised questions about the firm’s investors. According to the OCC, foreign investors tied to the parent company would not necessarily be treated as owners who control the bank.

Some of those foreign investors signed agreements to remain passive and not seek to influence the bank’s decision-making process. Eric Trump, Donald Trump’s son, was among those who signed one of the agreements while serving as president of an investment entity connected to the Trump family.

Democrats question World Liberty’s family links

Zach Witkoff is the son of Steve Witkoff, Trump’s special diplomatic envoy. The Witkoff family helped launch World Liberty Financial with Trump and his three sons in late 2024, and Zach now serves as the company’s CEO.

Robert Witkoff, Steve’s brother and a former insurance company executive, is expected to serve as a director of World Liberty Trust. Scott Alper, president of the Witkoff family’s real estate business, has also been proposed as a director.

Democratic lawmakers have said a bank owned by members of the president’s family would present a conflict of interest if approved.

At a congressional hearing in February, they pressed Jonathan to provide lawmakers in private with full, unredacted copies of World Liberty’s application. The public version left out some details about the company’s capital structure and operations.

In its approval letter, the OCC defended how it handled the application. The agency said Jonathan and its staff “acted consistently with their statutory duties and ethical obligations with respect to the application.” It also said career employees conducted the review and that, if the bank begins operating, it would be supervised by nonpolitical examiners.