Trump family crypto business World Liberty gets preliminary approval to establish a bank

TL;DR

World Liberty Trust Company, linked to the Trump family's crypto business World Liberty Financial, has received preliminary approval from the OCC to establish a bank.
The approval would allow the company to issue and manage its own stablecoins.
Democrats, including Sen. Elizabeth Warren, have criticized the move as a conflict of interest and a "brazen act of self-dealing."
World Liberty states that firewalls are in place to prevent the Trump family from influencing the bank's operations while the President is in office.
A spokesperson for World Liberty emphasized that the company is seeking regulation and continuous oversight.
The Trump family's crypto ventures reportedly generated at least $1.4 billion last year.
World Liberty's trust company must still meet several requirements for final approval.

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