Trump Family Crypto Firm Receives Preliminary Bank Charter Amid Conflict-of-Interest Concerns
A US financial regulator has given preliminary approval to World Liberty Financial (WLF), a crypto company tied to the Trump family, to establish a trust bank called World Liberty Trust Company National Association (WLTC). This decision has sparked controversy over conflict of interest.
The OCC granted WLF conditional approval on Monday to operate a stablecoin business under federal oversight. However, critics argue that with President Donald Trump's influence over cryptocurrency regulation and policy, the regulator under his administration is effectively giving a bank charter to a company connected to his family.
Democratic lawmakers have blasted the arrangement as 'the most brazen self-dealing act in the history of the financial system.' Sen. Elizabeth Warren condemned the decision, saying it's 'brazen self-dealing.'