Trump’s plan to run a bank

What’s next for the Trump family crypto company? More ways to turn a profit.

In the almost year and a half since returning to the presidency, Donald Trump has found plenty of ways to enrich himself and his family and friends. But one scheme in particular, a cryptocurrency venture called World Liberty Financial, is the gift that just keeps on giving.

Trump, along with his real-estate-buddy-turned-diplomat Steve Witkoff and both his and Witkoff’s sons, launched World Liberty a few months before the 2024 election.

Then, earlier this year, the Wall Street Journal reported that a member of the United Arab Emirates royal family had acquired a 49 percent stake in the company just days before Trump was inaugurated, netting the Trump family at least $187 million.

Now, World Liberty is on the verge of being approved for a national trust bank charter, NOTUS reported last week. If it goes through, the company would be able to issue its USD1 “stablecoin” — a type of cryptocurrency pegged to the US dollar — more freely, without having to go through a cryptocurrency exchange. And, of course, the Trump family would receive a cut through transaction fees.

Trump’s crypto grift is a warning

In addition to the straightforward potential for presidential self-enrichment, critics argue that the charter application itself is a conflict of interest; the application is being reviewed by the Office of the Comptroller of the Currency, whose leadership is appointed by the president. (Trump has said he is no longer involved in the day-to-day operations of the company, while Witkoff has divested outright.)

It’s all fairly complex — so to sort through what we know about Trump’s crypto enterprise and where it could be headed next, Today, Explained co-host Sean Rameswaram spoke with Zach Everson of Public Citizen, a nonprofit consumer advocacy organization. Everson is research director of the group’s Trump Accountability Project.

Below is an excerpt of the conversation, edited for length and clarity.........

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