Trump-Linked Crypto Firm Clears Hurdle to Launch Bank

A cryptocurrency company tied to President Trump has received preliminary approval from the U.S. Treasury Department's Office of the Comptroller of the Currency to create its own federally chartered trust bank.

The company, World Liberty Financial, would not be allowed to take deposits or make loans under this charter, but it would enable direct management of its dollar-backed 'stablecoin', which aims to maintain a value equivalent to the U.S. dollar.

Critics argue that this move creates an unprecedented conflict of interest, as President Trump appointed regulators who oversee an industry his family is now profiting from.