Trump's crypto company made him $800 million. Now it's a real bank
The Trump family-backed crypto firm, World Liberty Financial, has received preliminary approval to launch a bank. This development marks a significant step for the company, which has been linked to former President Donald Trump. The approval was granted by regulators, with some sources describing it as an 'unprecedented move.' The bank charter would allow World Liberty Financial to operate as a legitimate financial institution.
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- ✓ World Liberty Financial, a Trump family-backed crypto firm, has received preliminary approval to launch a bank.
- ✓ The company has been linked to former President Donald Trump and has reportedly generated $800 million in profits.
- ✓ Regulators have granted the approval, with some sources describing it as an 'unprecedented move.'
- ✓ The bank charter would allow World Liberty Financial to operate as a legitimate financial institution.
What changed
World Liberty Financial received preliminary approval for a bank charter, moving closer to becoming a fully-fledged bank.
Live updates
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Trump's World Liberty Financial Gets Preliminary Approval for Bank Charter
The Trump family-backed crypto firm, World Liberty Financial, has received preliminary approval to launch a bank. This development marks a significant step for the company, which has been linked to former President Donald Trump. The approval was granted by regulators, with some sources describing it as an 'unprecedented move.' The bank charter would allow World Liberty Financial to operate as a legitimate financial institution.
Why it matters
World Liberty Financial has been associated with the Trump family and has reportedly generated significant revenue, with estimates suggesting $800 million in profits. The company's crypto venture has raised concerns among lawmakers and watchdogs, who have expressed alarm over the potential for 'self-dealing.' The approval of a bank charter would grant the company increased legitimacy and operational capabilities.
What is confirmed
- World Liberty Financial, a Trump family-backed crypto firm, has received preliminary approval to launch a bank.
- The company has been linked to former President Donald Trump and has reportedly generated $800 million in profits.
- Regulators have granted the approval, with some sources describing it as an 'unprecedented move.'
- The bank charter would allow World Liberty Financial to operate as a legitimate financial institution.
Still unconfirmed
- Lawmakers and watchdogs have expressed concerns over the potential for 'self-dealing' in the approval of the bank charter.
What to watch next
- Final approval of the bank charter
- Regulatory oversight and potential challenges
- Impact on the crypto industry and financial markets
confidence 85%Sources used for this update (10)
- WSJ — Exclusive | Trump Family’s World Liberty Financial Gets Preliminary Approval to Launch a Bank
- CNBC — Trump family-backed crypto firm World Liberty gets conditional bank charter approval
- Politico — Trump-appointed regulator OKs banking license for Trump-linked crypto firm
- Financial Times — Trump administration grants banking licence to Trump family crypto venture
- Mother Jones — The Trumps’ Crypto Project Just Got One Step Closer to Becoming a Bank
- ABC News - Breaking News, Latest News and Videos — Trump-linked crypto venture World Liberty Trust granted bank status in unprecedented move for president
- CBS News — Trump family crypto business World Liberty gets preliminary approval to establish a bank
- CNN — ‘Brazen act of self-dealing.’ Lawmakers, watchdogs alarmed after Trump regulators let Trump firm start a bank
- USA Today — Trump's crypto company made him $800 million. Now it's a real bank
- Axios — The Trump family's crypto empire is getting a bank. But not the kind you think
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