Trump Family Crypto Venture Granted Bank Status in Unprecedented Move
The Trump family's crypto venture, World Liberty Financial, has been granted a federally chartered bank by Comptroller of the Currency Jonathan Gould. This move is seen as an attempt to help World Liberty issue its own stablecoin, USD1, without needing third-party companies.
World Liberty's application had been pending for months, and it was approved despite concerns about potential conflicts of interest. The bank will not offer traditional banking services but instead focus on supporting the Trump family's crypto interests.
The approval has raised alarms among lawmakers and watchdogs, who see it as a brazen act of self-dealing. Some have criticized the lack of transparency in the application process, with Gould refusing to share the unredacted version with Democrats.