Democrats have called World Liberty Trust Company a stark example of corruption but officials claim there is no insider dealing

Democrats have called World Liberty Trust Company a stark example of corruption but officials claim there is no insider dealing

Two fundamentals underscore the business model of a new crypto bank partly owned by the Trump family, cryptocurrency experts tell the Guardian.

World Liberty Trust Company received conditional approval this month from the US office of the comptroller of the currency (OCC) to start a bank. An entity affiliated with Donald Trump and his family members owns about 38% of the company. The agency is led by a political appointee of the US president.

The first distinctive feature of this bank – and stablecoin operations like it – is that there is almost no risk that it can lose money. The second is the sole logical motivation for depositors to put their money into it, according to five experts: the financial connection to the president and his family.

  • dhorkEnglish
    9·
    9 hours ago

    The first distinctive feature of this bank – and stablecoin operations like it – is that there is almost no risk that it can lose money.

    Nice try, AI. There have been a ton of stablecoins that have lost their peg: https://www.chainsec.io/failed-stablecoins

    This man has bankrupted casinos, not because the casinos themselves were unprofitable, but because he loaded them up with debt and then was able to evade responsibility for paying it off via bankruptcy. He is the last person I would trust to run a bank. (Or a country, but that ship has already sailed…)

    • FuglyDuckEnglish
      3·
      9 hours ago

      He’s the last person I would trust for just about anything.

      Well. That’s not entirely true. I trust that the greedy orange pig with an alien brain-eating fungus for hair will ruin everything he touches.