Trump's Crypto Company Gets Green Light to Become Bank, Potentially Raking in More Millions

The Trump-owned cryptocurrency company World Liberty Financial has received conditional approval from the Treasury Department to become a bank. This move could potentially bring in even more money for President Donald Trump, who made nearly $800 million from the company in 2025.

World Liberty Financial will be able to issue stablecoins, which are tied to the US dollar, thanks to the approval. The company's CEO, Zach Witkoff, stated that its ambition is to build the most trusted and widely used digital dollar in the world while strengthening the role of the US dollar globally.

However, critics have raised concerns about potential conflicts of interest due to Trump's ownership stake in the company. Senator Elizabeth Warren called the approval 'the most brazen act of self-dealing our financial system has ever seen' and vowed to introduce a bill to stop it. The White House responded by stating that all of President Trump's investment holdings are managed by independent third-party institutions.

Christian Catalini, founder of the MIT Cryptoeconomics Lab, believes that becoming a bank will provide World Liberty Financial with easier access to customers and new services. Treasury Secretary Scott Bessent also stated that his department is working to provide regulatory certainty for businesses to innovate and grow in America.