Trump-linked World Liberty wins conditional US bank charter
Why it matters: The approval would let the crypto firm issue dollar-backed stablecoins directly instead of relying on BitGo.
A federal banking regulator conditionally approved a national trust bank charter for World Liberty Trust Co., an entity tied to World Liberty Financial, the crypto firm partly owned by President Donald Trump's family. The Office of the Comptroller of the Currency posted the approval Friday, clearing a path for the company to issue dollar-backed stablecoins in house. World Liberty Financial says 38% of the business is owned by an entity affiliated with Trump and certain family members. The charter is not yet final; the company still must complete steps including raising capital. Democratic critics, including Sen. Elizabeth Warren, argued the move raises conflict-of-interest concerns because the president's family stands to profit from a federally supervised bank.