‘Brazen act of self-dealing’: Democrats seek to block a Trump-linked crypto bank

 https://www.latimes.com/politics/story/2026-08-18/democrats-seek-to-block-trump-linked-crypto-bank

Federal regulators have given preliminary approval for a cryptocurrency venture tied to President Trump and his family to operate a digital-asset bank, a decision that has drawn immediate condemnation from Senate Democrats who are now pushing legislation to bar such an action.

If the firm gets final approval, it would not act like a conventional bank and take deposits or make loans. Instead, the chartered bank would be able to issue and manage cryptocurrencies and digital assets. But the move would grant new financial powers to the Trump family’s crypto business, which has already shown to be profitable for the president in his first year back in the White House.

Aside from World Liberty Financial, Trump last year took in more than $600 million from sales of souvenir-type “meme” coins stamped with his likeness.

The White House said Tuesday “there are no conflicts of interest.” But the recent decision by federal regulators in relation to World Liberty Financial is now giving more ammunition to Democrats, who have pushed for more ethical guardrails to crack down on the Trump family’s crypto ventures.