Trump-appointed banking regulators cleared the family's crypto company to operate as a trust bank, a windfall for the Trump family and a red flag for ethics watchdogs.

• World Liberty Financial, the crypto venture Trump and his sons launched in 2024, got preliminary approval to become a trust bank from the same agency Trump staffs.
• The charter lets the firm issue its own stablecoin, USD1, directly and shields it from state regulators like New York.
• The family takes a cut of every transaction run through the coin, likely a few percent, with no public record of who is paying.
• That opens a channel for banks, companies, or foreign parties to move money to the president in secret while he sets policy toward them.
• The UAE is a major backer of the venture, tying the payments to countries with business before the White House.

Outlook: Expect more scrutiny from lawmakers as the crypto Clarity Act stalls, though nothing currently forces the family to disclose who is sending money.