Trump Family Edges Closer to Launching Bank with Cryptocurrency Venture
The Trump family's cryptocurrency venture, World Liberty Financial, is closer to launching a bank after receiving preliminary approval from the Office of the Comptroller of the Currency. According to The Wall Street Journal, the trust company for World Liberty has been granted conditional approval to become a federally chartered national trust bank.
This development has sent shockwaves as it would allow World Liberty to issue and redeem its $4 billion dollar-backed stablecoin, which was launched last year. However, unlike full banks, trust banks generally cannot take deposits or make loans.
President Trump and his sons have been criticized for their financial conflicts and corruption. Sen. Elizabeth Warren stated that 'we have never seen financial conflicts or corruption of this magnitude.'