Trump Family's Crypto Venture Gets Green Light to Operate as Bank

The Trump family's cryptocurrency venture has received conditional approval from the Treasury Department to operate as a bank. World Liberty Trust Company, which is 38% owned by an entity sponsored by Donald Trump Jr., will be able to issue stablecoins but cannot take deposits or make loans under the current authorization.

This marks the first time in U.S. history that a sitting president's company has been given the green light to operate as a bank. The headquarters of World Liberty Trust Company are scheduled to be in Bay Harbor Islands, Florida.

Critics, including Massachusetts Sen. Elizabeth Warren, argue that allowing a company with ties to the Trump family to obtain bank status could create 'corrupt dealings.' Warren has described the approval as a 'brazen act of self-dealing' and plans to introduce legislation that would prohibit the president, vice president, and members of their families from owning or operating banks.