Trump-Backed Crypto Firm Gets Conditional Approval for National Bank Charter
A US crypto firm partly owned by the Trump family has received conditional approval from regulators to operate as a national trust bank.
The Office of the Comptroller of the Currency granted World Liberty Trust Co preliminary approval on August 16, allowing it to proceed with plans for a national trust bank based in Florida.
The proposed bank would issue and redeem its own cryptocurrency token called USD1, designed to hold a steady value of one dollar. If approved, this would be under OCC regulation.
However, several Democratic senators have voiced concerns about the decision, citing ethics questions due to the Trump family's involvement. Senator Elizabeth Warren described it as 'the most brazen act of self-dealing the American financial system has ever witnessed.'