Trump-Backed Crypto Firm Gets Greenlight to Run Bank Despite Controversy

Trump's crypto company, Digital World Acquisition Corp (DWAC), has received approval to operate a bank in a move that has sparked controversy. The company is now authorized to offer banking services through its subsidiary, DWAC Bank.

The approval was granted by the Office of the Comptroller of the Currency (OCC) despite concerns raised by some lawmakers and financial experts about the potential risks associated with allowing a crypto-focused company to operate a bank.

Some critics argue that the move sets a dangerous precedent, potentially putting customers' deposits at risk due to the volatility of cryptocurrencies. Others have expressed concerns about the lack of transparency in Digital World Acquisition Corp's business practices and its ties to former President Donald Trump.