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Crypto

Trump-Linked Crypto Venture Gains Bank Status Amid Controversy

Guavy AI Editorial Team
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A Trump-linked crypto venture, World Liberty Trust Co., has been granted bank status in an unprecedented move for a president. The Office of the Comptroller of the Currency (OCC) conditionally approved the company to establish a bank charter, allowing it to issue stablecoin cryptocurrency tied to the U.S. dollar.

The decision marks the first time in U.S. history that a company owned by the sitting president's family has been granted bank status. World Liberty Trust Co. is 38% owned by an entity affiliated with Donald J. Trump and certain of his family members, according to its website.

The OCC's approval allows World Liberty Trust Co. to cut out the middleman and provide stablecoin services directly. The company has previously relied on a third-party crypto company, BitGo, to provide this service.

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