Trump-Linked Crypto Company Cleared for Federally Chartered Bank
The Office of the Comptroller of the Currency has granted preliminary approval to World Liberty Financial, a cryptocurrency company tied to President Trump, to create its own federally chartered trust bank.
The charter would allow the company to manage its dollar-backed stablecoin directly, but it would not permit taking deposits or making loans. Critics argue that this move creates an unprecedented conflict of interest because President Trump appointed regulators overseeing an industry in which his family is now profiting.
Senate Democrats plan to introduce legislation to block federal officials and their families from owning or controlling banks. Senator Elizabeth Warren stated, 'President Trump is now the first President in history to approve, operate, and supervise his own bank.'