The decision opens a new chapter for Trump’s crypto empire while raising questions about who benefits when presidential power meets financial regulation.

Regulators appointed by President Donald Trump have granted cryptocurrency company World Liberty Financial conditional preliminary approval to establish a trust bank. Trump and his sons launched the company in 2024, and the decision has already sparked a sharp reaction among watchdog groups and some lawmakers, who point to a potential conflict of interest.

World Liberty Financial will be able to receive full authorization only after meeting the conditions set by regulators. The future trust bank will not be allowed to accept deposits or issue loans. At the same time, the license…