Trump’s Crypto Corruption Veers Into Banking
WASHINGTON, D.C. – President Donald Trump’s crypto company World Liberty Financial applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. A national trust bank does not accept deposits or make loans; for Trump, it will custody what now amounts to more than $3 billion in funds invested to purchase the Trump company’s stablecoin cryptocurrency. Bartlett Naylor, economist for Public Citizen, released the following statement.
“Trump plunges deeper into the greatest corruption in presidential history with this application. He’s made more on his year-old crypto grift than a career in real estate and casinos combined. Now he’s dressing up this scam with the otherwise hallowed raiment of a national trust bank. Ordinarily federal bank regulators treat applications from persons with 34 felony convictions, six bankruptcies, and other blemishes with skepticism. But Trump correctly views this OCC as a rubber stamp.”