Trump Family Crypto Venture Gets Preliminary Approval for Federally Chartered Bank
The Trump administration has received preliminary approval from the Office of the Comptroller of the Currency to establish a federally chartered trust bank for World Liberty Financial, the Trump family's flagship crypto venture.
Zach Witkoff, co-founder and CEO of World Liberty Financial, stated that their ambition is 'clear: to build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.'
The five-member board of the World Liberty Trust Company, National Association (WLTC) will include Witkoff, his uncle Robert Witkoff, and former Witkoff Company executive Scott Alper.
Critics have responded negatively to the news, with U.S. Senator Elizabeth Warren calling it 'the most brazen act of self-dealing our financial system has ever seen.'