View or download a PDF of the letter here.
AFREF filed comments opposing the attempt by Trump family’s crypto company World Liberty Financial to get its own bank charter. The proposed new crypto bank would create dangerous risks to the financial system and economy and give WLF the public benefits of being a member bank of the Federal Reserve — including accessing discounted loans, payment rails, and emergency bailout funding without bank like regulation. WLF does not fit within the guidelines required for the kind of charter it is applying for. The proposed WLF bank would heighten the conflicts of interest embroiling the First Family’s crypto business empire — amplified by the recent revelation that WLF was secretly backed by an Emirati sovereign wealth fund. Federal banking regulators have already been distorting the rules governing new bank applications to give crypto companies vast new powers, but Trump regulators rubber stamp this bank charter for the Trump family crypto business would be an unprecedented and corrupt giveaway.