The Trump administration has granted preliminary approval for a cryptocurrency venture backed by President Donald Trump’s family to operate a federally chartered trust bank, despite the massive conflicts of interest.

The Office of the Comptroller of the Currency (OCC), the bank regulatory arm of the Treasury Department, said in a letter on Friday (see below) that it was “conditionally approving World Liberty Trust Co.’s application for a trust bank charter,” and that it must still meet additional requirements before it receives final approval, the regulator said.

In response, Senator Elizabeth Warren, along with the support of other Democrats, proposed a bill on Friday that would prohibit regulators from approving banks like these that are owned or controlled by the president or the president’s family, vice president, members of Congress or other top government officials.

The only way the Banking Committee will be able to proceed with an investigation into the OCC’s approval of the World Liberty Bank charter, though, is if Democrats win a controlling majority in both the House and the Senate. Everything hinges on November. 

OCC Letter: occ.gov/topics/charters…

Senator Warren’s Bill: warren.senate.gov/wp-co…