Trump-Backed Digital World Acquisition Gets Conditional Approval to Run Bank
Former US President Donald Trump's company, Digital World Acquisition (DWAC), has been approved to run a bank, despite controversy surrounding its crypto operations. The company will be able to start issuing bank accounts and loans after receiving a conditional approval from the Office of the Comptroller of the Currency (OCC). DWAC plans to use blockchain technology for its banking services.
The approval is seen as significant, but some experts have raised concerns about the lack of transparency in the process. They argue that the OCC did not properly vet DWAC's financials and business model before granting the approval.
Donald Trump Jr., a spokesperson for DWAC, said: 'We are thrilled to be one step closer to making our vision a reality.' However, some critics have questioned whether DWAC has the necessary expertise and resources to run a bank effectively.