Trump-Linked Crypto Firm Gets Approval for Bank Charter Amid Controversy

World Liberty Financial, 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 (OCC) 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 maintain the same value as the U.S. dollar, but does not permit the company to take deposits or make loans.

Critics argue that this move creates an unprecedented conflict of interest because President Trump appointed regulators who oversee an industry in which his family now has a significant financial stake.

According to World Liberty Financial, 'an entity affiliated with Donald J. Trump and certain of his family members' owns at least 38% of the business.