Trump-Linked Crypto Venture Granted Bank Status Amid Conflict Concerns

A Trump-linked crypto venture has been granted bank status by the Office of the Comptroller of the Currency (OCC), marking the first time in U.S. history that a company owned by the sitting president's family has received such approval.

The World Liberty Trust Co., which is 38% owned by an entity affiliated with Donald J. Trump and his family members, was granted conditional approval to establish a bank charter, allowing it to issue stablecoin cryptocurrency tied to the U.S. dollar.

This move has raised concerns over potential conflicts of interest, as Democratic lawmakers have expressed concerns that the president's assets are not truly independent due to being managed by his children in a blind trust.