What Just Happened

A crypto company with deep ties to the Trump family just got a big regulatory green light. That sounds bureaucratic, but it is a big deal for a few reasons.

First, the company’s connection to the White House is hard to miss. World Liberty Financial, the company that sponsors the trust, says on its website that an entity tied to President Trump and some of his family members owns 38% of the business. The CEO of the trust company is Zach Witkoff, whose father, Steven Witkoff, serves as Trump’s Middle East negotiator.

Second, the charter itself is permission to do something that could make a lot of money. It would allow World Liberty to issue stablecoins. Those are crypto coins that are supposed to stay pegged to a…