Trump Tied Crypto Firm Gets Green Light for Federally Chartered Bank

The cryptocurrency company tied to President Trump has received preliminary approval from the U.S. Treasury Department's Office of the Comptroller of the Currency to establish its own federally chartered trust bank.

World Liberty Financial, which is owned by an entity affiliated with Donald J. Trump and his family members, will be allowed to directly manage its dollar-backed 'stablecoin' tokens under this charter.

The move has drawn criticism from Democratic lawmakers who argue that it creates a conflict of interest due to President Trump's involvement in the industry.

Senate Democrats have announced plans to introduce legislation, known as the Ending Presidential Corruption in Banking Act, which would block federal officials and their families from owning or controlling banks.