Trump’s crypto venture eyes bank charter, ethics fears flare
Regulators appointed by President Trump gave World Liberty Financial, the Trump family’s crypto firm, preliminary approval to become a trust bank, a move critics call a brazen act of self-dealing. The bank would not take deposits or make loans but could issue and safeguard the USD1 stablecoin with billions in circulation, raising concerns about conflicts of interest as Trump and family members could influence oversight. Prominent critics like Elizabeth Warren say the decision creates unprecedented risks and have urged a bill to bar presidents’ families from bank approvals, while defenders say the regulation and oversight will remain robust; the episode could also slow crypto-regulation efforts such as the Clarity Act.
