Trump-Linked Crypto Company Wins Approval for Federally Chartered Bank
The U.S. Treasury Department's Office of the Comptroller of the Currency has given 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 World Liberty Financial to directly manage its dollar-backed 'stablecoin', which is designed to keep the same value as the U.S. dollar.
Critics argue that this creates an unprecedented conflict of interest because President Trump appointed regulators who oversee an industry in which his family now has a financial stake.
Senate Democrats plan to introduce legislation, the Ending Presidential Corruption in Banking Act, to block federal officials and their families from owning or controlling banks.