Trump's Crypto Company Edges Closer to Becoming a Bank

One of the Trump family's most lucrative businesses, World Liberty Financial, is on its way to becoming a bank, a move that Sen. Elizabeth Warren has decried as 'clear conflict of interest and corruption.'

The Office of the Comptroller of the Currency (OCC), one of three major bank regulators in the US, declared in August that World Liberty Financial could begin the process of establishing itself as a bank.

The company, founded by the Trumps in 2024, is a stablecoin issuer, and the move could be a goldmine for the company, allowing it to keep all profits from investing in Treasury notes.

However, critics argue that the decision is tainted by the Trump family's connection to the president and the OCC's leader, Jonathan V. Gould, who was appointed by Trump last July.