The Trump family’s crypto business received preliminary approval on Friday from President Donald Trump’s own administration to become a federally chartered bank.

World Liberty Financial announced that the Office of the Comptroller of the Currency (OCC), an independent bureau under the Treasury Department and thus the executive branch, had granted conditional approval for World Liberty Trust to operate as a national trust bank.

The company must still satisfy regulatory conditions and undergo a final OCC examination before opening for business, the Wall Street Journal reported in breaking the story.

If ultimately approved, the bank would be able to issue, redeem and safeguard USD1, World Liberty’s…