Trump-Linked Crypto Venture Granted Bank Status in Historic Move

A Trump-linked cryptocurrency venture, World Liberty Trust Co., has been granted conditional approval to establish a bank charter by a national bank regulator. This marks the first time in U.S. history that a company owned by the sitting president's family has received such status.

The decision allows World Liberty Financial, which is 38% owned by an entity affiliated with Donald J. Trump and his family members, to issue stablecoin cryptocurrency tied to the U.S. dollar. The approval allows the Trump family's business to cut out a third-party crypto company, BitGo, that previously provided this service.

The OCC granted World Liberty Trust Co. the ability to issue digital currency for transactions after reviewing the application in accordance with established policies and procedures. However, the charter application will not be fully approved until conditions are met, including increasing the company's capital.