Trump-appointed regulator OKs banking license for Trump-linked crypto firm
The decision would give new powers and federal credibility to a venture in which the president and his family retain a substantial financial interest.
The Trump administration has granted conditional approval for a cryptocurrency venture supported by President Donald Trump’s family to obtain a federally chartered trust bank license, sparking criticism from Democrats. The Office of the Comptroller of the Currency stated it would review additional requirements before granting final approval.
The decision places a substantial financial interest in a federal-regulated entity and marks one of the most direct official actions involving the president's personal finances. World Liberty Trust Co.'s president, Zach Witkoff, highlighted the approval would bolster trust in their USD1 stablecoin, a crypto token pegged to $1 under the OCC's oversight.
However, Democrats and ethics watchdogs argued the approval exemplified conflicts of interest, leading some to call for legislation prohibiting regulators from approving banks owned or controlled by the president or their family members.
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