Trump Family Crypto Firm Clears Hurdle for Federally Chartered Bank Status

The Trump family's crypto venture, World Liberty Financial, has received preliminary approval from President Donald Trump's administration to become a federally chartered bank.

World Liberty Trust, the holding company of World Liberty Financial, announced that it had been granted conditional approval by the Office of the Comptroller of the Currency (OCC) to operate as a national trust bank.

The OCC, an independent bureau under the Treasury Department, has imposed regulatory conditions and will conduct a final examination before World Liberty Trust can open for business.

If approved, the bank would be able to issue and redeem World Liberty's dollar-backed stablecoin, which launched last year and now has a market value of roughly $4 billion.

The approval process has faced criticism from Democrats over potential conflicts of interest, but the White House has maintained that 'neither the President nor his family has ever engaged, or will ever engage, in conflicts of interest.'