Trump-Linked Crypto Venture Inches Closer to Banking Charter

World Liberty Financial, a cryptocurrency venture tied to President Donald Trump's family, has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a banking charter. This would allow the company to issue its USD1 stablecoin directly in the United States without relying on an intermediary.

The OCC's decision marks a significant step towards World Liberty Financial becoming a federally chartered institution, which could give it a more direct role in issuing digital dollars in the US market.

According to Zach Witkoff, co-founder of World Liberty Financial and son of Trump's special diplomatic envoy Steve Witkoff, the company's ambition is to build the most trusted and widely used digital dollar in the world while strengthening the role of the US dollar globally.

The approval has sparked controversy due to Trump's financial interest in World Liberty Financial, with Democratic lawmakers criticizing the decision as 'the most brazen act of self-dealing our system has ever seen.'