Trump Family Crypto Firm Gets Conditional Approval for Trust Bank

A World Liberty Financial subsidiary of Donald Trump's crypto empire has received conditional approval from regulators to establish a trust bank. The company, led by Zach Witkoff, will be able to custody assets independently and issue the USD1 stablecoin, which has more than $4 billion in circulation.

The decision has raised concerns about a potential conflict of interest due to Trump's involvement with the company. As president, Trump appoints and dismisses officials who oversee the financial sector, while his family retains a significant interest in World Liberty Financial.

Regulators have set conditions for the approval, including that World Liberty Financial will not be allowed to accept deposits or issue loans until it meets further requirements.