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Trump family crypto business World Liberty gets preliminary approval to establish a bank
CBS News • • business
Key Points:
- The Treasury Department's Office of the Comptroller of the Currency (OCC) granted preliminary approval for World Liberty Trust Company, affiliated with the Trump family's crypto business, to establish a bank charter, enabling it to issue and manage stablecoins independently.
- World Liberty Financial, co-founded by President Trump's sons and the sons of Steve Witkoff, is 38% owned by an entity linked to Donald Trump and his family, raising concerns about conflicts of interest.
- Democrats, including Sen. Elizabeth Warren, criticized the move as a conflict of interest and self-dealing, proposing legislation to bar the president, vice president, and their families from owning or controlling banks.
- World Liberty asserts that firewalls are in place to prevent Trump family involvement during his presidency and emphasizes that the bank will be subject to robust regulatory oversight by the OCC.
- Final approval for the bank charter remains pending, with World Liberty needing to meet additional regulatory requirements before becoming a fully licensed bank.
