In a historic first for the United States, the Trump family's cryptocurrency company, World Liberty, has obtained a banking license.

The national bank regulator appointed by Trump has granted conditional approval for a bank license to a subsidiary of the Trump family's cryptocurrency business. This will help the company connect with large clients and is expected to further increase profits. This marks the first time in U.S. history that a business owned by the family of the sitting president has obtained banking qualifications, raising concerns among Democratic lawmakers about potential conflicts of interest. The Office of the Comptroller of the Currency issued the approval letter on Friday. According to information on the company's official website, World Liberty Trust Co. is 38% owned by an entity "affiliated with Donald J. Trump and some of his family members," and this institution is authorized to issue a dollar-pegged stablecoin. This approval means that Trump-affiliated businesses can perform banking functions and issue digital currencies for transactions to clients. Customers can exchange dollars for stablecoins, with the related profits going directly to the Trump family's cryptocurrency enterprise.