"After endless complaints of persecution under the Biden administration, the crypto industry found a steadfast ally in President Trump, in no small part thanks to its hefty warchest of campaign donations. But the Trump family realized that the sector's riches extended beyond paltry Super PAC contributions. The Trumps launched their own crypto projects, from memecoins to mining operations to a nebulous platform called World Liberty Financial that promises to pave the future of finance through products like its stablecoin USD1."
"While the Trumps and their supporters have maintained that the First Family's work in crypto brings an entrepreneurial spirit to the White House, rather than a blatant conflict of interest, their latest gambit pushes the boundary like never before (and that's including Trump inviting the top holders of his memecoin to a private dinner at his Virginia golf club)."
The Trump family embraced cryptocurrency with ventures spanning memecoins, mining operations, and a platform called World Liberty Financial. World Liberty Financial applied for a national banking charter with the Office of the Comptroller of the Currency, aiming to hold client assets, issue stablecoins such as USD1, and seek a Federal Reserve master account. OCC charters recently drew attention after conditional approvals for firms including Circle, Ripple, and Paxos. The family's crypto involvement combines political influence, campaign funding ties, and attempts to reshape financial infrastructure. Securing a charter could grant regulatory advantages and broaden access to banking rails.
Read at Fortune
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