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Trump Family Crypto Business Gets Preliminary Approval for Bank Charter

Guavy AI Editorial Team
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The Treasury Department's Office of the Comptroller of the Currency (OCC) has granted preliminary approval to World Liberty Trust Company, a trust company affiliated with the Trump family's crypto business, to establish a bank charter.

This move would allow World Liberty Financial to issue and manage its own stablecoins without relying on a middleman.

World Liberty Financial is 38% owned by 'an entity affiliated with Donald J. Trump and certain of his family members,' according to the company's website.

The plan has sparked criticism from Democrats, who argue that granting bank status to a business linked to the Trump family presents a conflict of interest.

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