Whoa, the CLARITY Act crypto bill is officially dead for this year The CLARITY Act is still stuck in Congress, but the Trump family’s crypto company has already snagged a banking license The U.S. crypto scene is looking absolutely wild right now. On one hand, the CLARITY Act is stalled in the Senate. Some Democrats are refusing to vote, with one of the key conditions being: restricting the president and senior government officials from profiting off crypto businesses. And guess what? The Trump family happens to be the most deeply involved in crypto among U.S. political figures. On the other hand, World Liberty Financial, backed by the Trump family, just got preliminary conditional approval from the OCC to establish World Liberty Trust Company, which will be a national trust bank. World Liberty disclosed that entities linked to Trump and his family hold 38% of the company. Once this license is finalized, World Liberty will be able to take more control over the issuance, reserve management, and custody of the USD1 stablecoin, instead of relying heavily on BitGo like before. It’s not the kind of traditional commercial bank we think of, like one that takes deposits and issues loans, but World Liberty is gradually integrating Trump family crypto projects into the U.S. federal banking regulatory system. And here’s the most ironic part: While the crypto industry is still waiting for Congress to provide market-wide CLARITY, the Trump family has already jumped in with tokens, stablecoins, and now they’re about to have their own bank. It’s not hard to see why Democrats are fixated on the conflict of interest here. Trump might simultaneously be the biggest policy boon for U.S. crypto and the biggest political liability for the CLARITY Act right now. Sigh…