Trump-linked World Liberty Financial gets conditional US approval for bank
World Liberty Financial, a crypto company tied to the Trump family, just received conditional approval from US regulators to set up a national bank.
If this goes through, the Trumps would be the first presidential family to launch a bank while in office.
The new bank is meant to back their dollar-based stablecoin, $1.
Approval contingent on outside auditor
The planned bank would help World Liberty Financial run more smoothly and make their digital currency look more legitimate.
Their application took longer than most (220 days), but if they meet final requirements such as bringing in an outside auditor, they'll get full approval.
Some lawmakers worry about possible conflicts of interest, but the company says having a bank charter will actually mean stricter oversight and more rules to follow.