Trump-Linked Crypto Venture Granted Bank Charter Amid Conflict Concerns

The Office of the Comptroller of the Currency (OCC) has granted conditional approval to World Liberty Trust Co., a Trump-linked crypto venture, to establish a bank charter. 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 approved World Liberty Financial, the listed sponsor of the conditionally approved trust, to issue stablecoin cryptocurrency tied to the U.S. dollar. This approval will allow the Trump family's business to cut out the middleman and provide the service directly, making it more attractive for entities making large transactions.

World Liberty Financial has seen extensive profit from its crypto ventures, securing around $5 billion in the company's first days after going public, with major investments from individuals and foreign nations continuing to fuel the company's value. President Trump himself has made over $1.4 billion in business revenue from his family's crypto ventures.

Democratic lawmakers are warning about potential conflicts of interest, with Ranking Member of the Committee on Banking, Housing and Urban Affairs Sen. Elizabeth Warren, D-Mass., urging the OCC to halt approval of Trump-linked business ventures.