Trump-appointed regulator OKs banking license for Trump-linked crypto firm

The Trump administration has granted preliminary approval for a cryptocurrency venture backed by President Donald Trump’s family to operate a federally chartered trust bank, despite opposition from Democrats who claim the decision is riddled with conflicts of interest. The Office of the Comptroller of the Currency (OCC), the bank regulatory arm of the Treasury Department, conditionally approved World Liberty Trust Co.'s application for a trust bank charter, stating that the company must still meet additional requirements before receiving final approval.

The approval marks one of the most direct official actions involving the president’s private finances and gives new powers and federal credibility to a venture in which Trump and his family retain a substantial financial interest.

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