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Trump-Affiliated Crypto Company Wins US Banking Charter Amid Controversy

Guavy AI Editorial Team
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American regulators have granted a national banking charter to World Liberty Financial (WLF), a cryptocurrency company affiliated with President Donald Trump's family.

The Office for the Comptroller of the Currency (OCC) issued its preliminary conditional approval on August 14 for WLF's request, which plans to offer 'dollar-backed stablecoin issuance and redemption' as well as digital asset custody services.

WLF will not be permitted to issue loans or accept direct deposits. The decision has sparked controversy, with some calling it the 'most brazen act of self-dealing our financial system has ever seen.'

Senator Elizabeth Warren criticized the move, stating that she would introduce a bill to stop 'this kind of unprecedented corruption.' President Trump made over $1.1 billion from crypto-related projects last year, according to his June financial disclosure.

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