President Trump's Crypto Bank Scheme Receives Preliminary Approval, Raises Conflict of Interest Concerns
President Trump's family-backed crypto firm, World Liberty Financial, has received preliminary approval to operate as a bank from a regulator appointed by the President. This development has drawn criticism, with Senator Elizabeth Warren stating that President Trump is the first president to approve, operate, and supervise his own bank, calling it a brazen act of self-dealing. The Trump family owns 38% of World Liberty Financial, while an investment firm in the United Arab Emirates owns nearly half. Despite this, the Trump family reportedly collects 75% of all crypto revenues from the company. President Trump had previously expressed skepticism about cryptocurrencies, calling Bitcoin a scam and a potential threat to the U.S. dollar, but reversed his stance during his 2024 presidential campaign after recognizing the potential for profit and significant corporate donations from the industry. In January 2025, he launched a meme cryptocurrency, $TRUMP, which generated hundreds of millions of dollars, and colle...