Trump Creates Own Bank with Crypto Company He Owns Stake In
The Trump family has a significant stake in World Liberty Financial (WLF), a crypto company that applied for a national trust bank charter. The company, which has a 38% ownership by the Trumps, collects 75% of its revenue from cryptocurrency.
Last year, President Donald Trump's financial statement revealed he collected nearly $600 million from WLF, despite not investing any money or being employed there.
Under Trump, crypto companies have been encouraged to apply for national trust bank charters. The Office of the Comptroller of the Currency (OCC) has approved half of the 40 applications submitted under Trump's administration, including World Liberty Financial's application for a national trust bank charter.
The new bank will be called the World Liberty Trust Company, but critics argue it will essentially be the First National Bank of Trump. They point out that this is a self-serving move by the president to create his own bank and gain control over its operations.