Trump-Backed Crypto Firm Gets Green Light to Run Bank Despite Controversy

Fortress Investment Group, a company founded by Donald Trump and his associates, has received approval to operate a bank. The company's crypto-focused venture, which will be called 'Digital Trust,' has been granted a national trust charter by the Office of the Comptroller of the Currency (OCC). This approval is seen as highly controversial due to concerns over Trump's involvement in the company and potential conflicts of interest.

The OCC announced its decision on January 20, granting Digital Trust the ability to operate as a national bank. The company will be able to provide banking services to customers and hold deposits, despite not being a traditional bank. This move has raised concerns among lawmakers and regulators about the potential risks and lack of oversight.

Some experts have criticized the decision, citing Trump's history with cryptocurrency and the potential for conflicts of interest. Others see this as an opportunity for Digital Trust to innovate in the financial sector.