Trump's Crypto Company Gets Banking Charter Amid Controversy Over Self-Dealing
The Trump-owned World Liberty Financial has received conditional approval from the Treasury Department to become a bank and issue stablecoins. The company, which brought in nearly $800 million for Trump in 2025, will be able to operate under federal oversight.
World Liberty Financial's CEO, Zach Witkoff, stated that the company aims to build 'the most trusted and widely used digital dollar in the world' while strengthening the role of the US dollar globally. The approval is part of a trend where crypto companies are seeking banking charters under the Trump administration.
Sen. Elizabeth Warren criticized the charter approval as 'the most brazen act of self-dealing our financial system has ever seen'. She plans to introduce a bill to stop such corruption, while Anna Kelly, a White House spokesperson, defended the decision, citing that Trump's investment holdings are managed by independent third-party institutions.
Christian Catalini, founder of the MIT Cryptoeconomics Lab, noted that having a charter makes it easier for companies to support customers and provide new services. Treasury Secretary Scott Bessent stated that his department is working to provide regulatory certainty for businesses to innovate and grow in America.