Trump-Linked Crypto Venture Gets Bank Status in Unprecedented Move
A Trump-linked crypto venture, World Liberty Trust Co., has been granted bank status by the Office of the Comptroller of the Currency (OCC), in an unprecedented move for a president. The conditional approval allows the company to issue stablecoin cryptocurrency tied to the US 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, sparking concerns over potential conflicts of interest. World Liberty Financial, the listed sponsor of the conditionally approved trust, is 38% owned by an entity affiliated with Donald J. Trump and certain of his family members.
The OCC wrote that it acted consistently with its statutory duties and ethical obligations when reviewing the application, but critics argue that this decision sets a problematic precedent. Ranking Member of the Committee on Banking, Housing and Urban Affairs Sen. Elizabeth Warren, D-Mass., had urged the OCC to halt approval, calling it the 'most brazen act of self-dealing our financial system has ever seen.'