Trump-Linked Crypto Venture Granted Bank Status Amid Controversy
A Trump-linked crypto venture, World Liberty Trust Co., 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 conditional approval allows World Liberty Financial, the listed sponsor of the trust, to issue stablecoin cryptocurrency tied to the U.S. dollar, which can be marketed for use as a means of making payments or storing value.
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 company's approval was met with concerns from Democratic lawmakers over potential conflicts of interest.
The OCC stated that the charter application will not be fully approved until some conditions are met, including increasing the company's capital.