Trump-linked crypto venture World Liberty Trust granted bank status in unprecedented move for president - ABC News - Breaking News, Latest News and Videos

A Trump-appointed national bank regulator granted a wing of the Trump family's crypto business conditional approval to establish a bank charter, opening the door for larger clients and potentially heightened profits.

The decision marks the first time in U.S. history that a company owned by the sitting president's family has been granted bank status, as Democratic lawmakers express concerns over potential conflicts of interest.

In a letter published Friday, the Office of the Comptroller of the Currency granted World Liberty Trust Co., an organization that is 38% owned by "an entity affiliated with Donald J. Trump and certain of his family members," according to its website, the ability to issue stablecoin cryptocurrency tied to the U.S. dollar.

World Liberty Financial, the listed sponsor of the conditionally approved trust, has previously relied on a third-party crypto company, BitGo, to provide a stable digital currency. Friday's approval allows the Trump family's business to cut out the middleman and provide the service directly. 

Digital currencies, like Bitcoin, are historically volatile and therefore less appealing for entities making large transactions.

Crypto tied to more stable values, like the U.S. dollar or the price of gold, can be more attractive to big spenders and can be "marketed for use as a means of making payments, transmitting money, or storing value," according to the U.S. Securities and Exchange Commission.