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Trump's Crypto Company Gets Approval to Run Bank Amid Controversy

Guavy AI Editorial Team
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The company Digital World Acquisition (DWAC) has received approval to run a bank, despite controversy surrounding its ties to former US President Donald Trump.

DWAC is planning to merge with a Special Purpose Acquisition Company (SPAC), which would allow it to become a publicly traded entity and operate as a bank under the Bank Holding Company Act of 1956.

This approval has raised concerns among some lawmakers, who argue that DWAC's crypto-focused business model poses risks to the US financial system.

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