Trump-Linked Crypto Venture Gets Bank Status in Historic Move
A Trump-linked crypto venture called World Liberty Trust has been granted bank status in an unprecedented move for a president.
The Office of the Comptroller of the Currency (OCC) gave conditional approval to World Liberty Trust Co., which is owned by the Trump family, allowing it to issue stablecoin cryptocurrency tied to the U.S. dollar.
This decision marks the first time in U.S. history that a company owned by the sitting president's family has been granted bank status.
The OCC stated that World Liberty Trust Co. will have to meet certain conditions, including increasing its capital, before it can be fully approved.
The Trump administration has faced criticism over potential conflicts of interest, with Democratic lawmakers expressing concerns about the decision.