Trump-Backed Crypto Firm Gets Conditional Approval for Bank Charter
A federal financial regulator has conditionally approved an application for a bank charter by World Liberty Trust Co., a crypto firm partially owned by President Donald Trump's family.
The Office of the Comptroller of the Currency gave conditional approval to World Liberty Trust Co.'s application for a national trust bank, according to a letter posted on the OCC's website.
World Liberty Financial says an entity affiliated with Donald J. Trump and certain of his family members owns 38% of the company.
The charter could let World Liberty bring stablecoin services in-house instead of relying on third parties such as BitGo, a move that has drawn criticism from some Democrats.