Crypto
Trump-Backed Crypto Company Gets Conditional Banking Charter
A company partially owned by President Trump's family has received preliminary approval for a national trust bank charter from the Office of the Comptroller of the Currency (OCC).
The OCC granted conditional approval to World Liberty Trust Co. on Friday, pending satisfaction of 'all preopening requirements' and subject to potential modification or revocation.
The proposed bank would be headquartered in Bay Harbor Islands, Florida, and would sponsor a USD1 stablecoin, which is regulated by the OCC.
The approval has raised concerns among some Democrats about potential ethics violations tied to President Trump's family involvement.