The cryptocurrency company tied to President Trump is getting the green light to create its own federally chartered trust bank.

World Liberty Financial received preliminary approval from the U.S. Treasury Department’s Office of the Comptroller of the Currency to begin offering certain banking services.

The charter would not allow the company to take deposits or make loans, but would let the company directly manage its dollar-backed “stablecoin,” whose tokens are meant to keep the same value as the U.S. dollar.

Critics say the move creates an unprecedented conflict of interest because President Trump appointed the regulators overseeing an industry that his family is now profiting from.

According to World Liberty Financial, “an entity…