Trump-Linked Crypto Venture Granted Bank Status in Unprecedented Move

The Office of the Comptroller of the Currency (OCC) has granted World Liberty Trust Co., a company owned by the Trump family's crypto business, conditional approval to establish a bank charter. This unprecedented move marks the first time in U.S. history that a company affiliated with the sitting president's family has been granted bank status.

The decision allows World Liberty Trust to issue stablecoin cryptocurrency tied to the U.S. dollar, cutting out the middleman and providing the service directly to clients. Clients would exchange the U.S. dollar for the stablecoin, with profits going directly to the Trump family's crypto business.

World Liberty Financial, the listed sponsor of the conditionally approved trust, has previously relied on a third-party crypto company, BitGo, to provide a stable digital currency. This decision is seen as a significant development in the world of cryptocurrencies, as stablecoins are more attractive to large spenders due to their stability.

The president's family has seen extensive profit from World Liberty Financial, securing around $5 billion in the company's first days after going public. Donald Trump himself has made over $1.4 billion in business revenue from his family's crypto ventures, according to his released financial disclosures.