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WASHINGTON — Federal regulators have given preliminary approval for a cryptocurrency venture tied to President Trump and his family to operate a digital-asset bank, a decision that has drawn immediate condemnation from Senate Democrats who are now pushing legislation to bar such an action.

Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate Banking Committee, and nine other Senate Democrats introduced a bill Saturday that would bar the president, the vice president, their immediate family members and other senior government officials from owning or controlling banks.

The measure was proposed a day after the Office of the Comptroller of the Currency — which is part of the Trump administration — granted conditional approval for World Liberty Trust Co. to become a trust bank. The firm was founded in 2024 by two of Trump’s sons and the sons of Steve Witkoff, the Trump administration’s special envoy to the Middle East.

If the firm gets final approval, it would not act like a conventional bank and take deposits or make loans. Instead, the chartered bank would be able to issue and manage cryptocurrencies and digital assets. But the move would grant new financial powers to the Trump family’s crypto business, which has already shown to be profitable for the president in his first year back in the White House.

Trump’s financial disclosures show the president has earned more than $1.2 billion from crypto-related projects as he has pushed to deregulate the digital-asset industry. He hauled in more than $500 million from his World Liberty Financial business selling new crypto products and is a significant owner of the firm through an entity called DT Marks DEFI LLC, which holds about a 38% stake.

Aside from World Liberty Financial, Trump last year took in more than $600 million from sales of souvenir-type “meme” coins stamped with his likeness.

Trump’s crypto windfall has lately fueled Democrats’ argument that the president stands to personally gain from the same regulatory apparatus he oversees, and has led to acrimonious negotiations in Capitol Hill over how to regulate the industry.

The White House said Tuesday “there are no conflicts of interest.” But the recent decision by federal regulators in relation to World Liberty Financial is now giving more ammunition to Democrats, who have pushed for more ethical guardrails to crack down on the Trump family’s crypto ventures.

“This is the most brazen act of self-dealing our financial system has ever seen — and Congress cannot allow it to stand,” Warren said in a statement. “The Ending Presidential Corruption in Banking Act will close the door on this kind of unprecedented corruption.”

Sen. Angela Alsobrooks (D-Md.) said the decision to allow a Trump-linked crypto firm to charter its own bank is “injecting risk into our financial system and fueling the Trump family’s business endeavors.”

“It is Congress’ responsibility and duty now to rein in this corruption and ensure that bank charters, deposit insurance, and other banking licenses cannot be handed out to entities influenced or controlled by any President’s family,” Alsobrooks said in a statement.

David Wachsman, a spokesperson for World Liberty Financial, disputed the criticism, saying the preliminary approval is “great news for consumer and investor protection advocates and for the American financial services industry.”

“Critics are missing the point: World Liberty Financial is running towards regulation and continuous oversight, not away from it,” Wachsman said in a statement. “World Liberty Trust Company’s national charter will ensure robust and permanent regulatory supervision from the OCC, a federal banking regulator, that will outlast the Trump administration.”

Wachsman said World Liberty will be required to provide weekly reports about its operations that will be subject to independent reviews. He added that federal banking laws such as anti-money-laundering rules and consumer protection statutes will be “directly applicable and enforceable.”

The White House did not comment directly about the administration’s involvement with the World Liberty application to charter a bank. But in a statement, the White House disputed claims that the president’s decisions in office have financially benefited him and his allies.

“All of President Trump’s investment holdings are in held in fully discretionary accounts managed by independent third-party financial institutions,” Anna Kelly, a White House spokesperson, said in a statement. “The President only acts in the best interests of the American public — which is why they overwhelmingly re-elected him to this office, despite years of lies and false accusations against him and his businesses from the fake news media.”

Kelly added: “There are no conflicts of interest.”

A former top officer of the Los Angeles Fire Department’s labor union was arrested Wednesday and charged with grand theft and forgery for allegedly stealing more than $82,000 from a charity for injured firefighters.

Prosecutors from the state attorney general’s office announced the charges against Adam Walker, former secretary of the United Firefighters of Los Angeles City, at a news conference.

Walker “abused a position of trust for personal gain,” Atty. Gen. Rob Bonta said alongside Los Angeles County Dist. Atty. Nathan Hochman.

Walker opened a foundation bank account and transferred funds to his personal accounts, Bonta said, attempting to conceal those transfers with fake reimbursement records and forging receipts to mislead auditors. He used the funds for personal expenses, including online gambling, Bonta said.

Walker has been under scrutiny since 2024, when the local union’s parent organization, the International Assn. of Fire Fighters, suspended him from his union position and accused him of improperly depositing more than $75,000 of the charity’s funds into his personal accounts from December 2022 to January 2024. The IAFF accused him of using $5,000 for personal expenses.

Walker, who continued to work as a firefighter, told The Times last year that those allegations were false. He said the account he drew from was not for the charity, the UFLAC Fire Foundation, but was set up for two golf tournaments to raise money for a disabled former firefighter. He said all of the deposits were reimbursements for his legitimate out-of-pocket expenses for the tournaments.

“Not one penny of the money was foundation money,” he said. He said he understood that the deposits “look bad” but were a reflection of his “poor bookkeeping” and not any wrongdoing.

The Washington D.C.-based IAFF also suspended Walker from his positions as chairman and director of the foundation, which aids injured firefighters and their families, provides scholarships and is helping firefighters who lost their homes in the January fires.

Caracas, June 3, 2026 (venezuelanalysis.com) – The Venezuelan government headed by Acting President Delcy Rodríguez has instructed airlines and shipping companies to direct fuel payments to a US Treasury account.

Spanish newspaper El Diario published a May 28 letter from state oil company PDVSA addressed to “aviation and maritime customers” that laid out the “banking coordinates” for foreign currency payments concerning JET A1, MGO, and IFO 380 purchases.

JET A1 is a kerosene-based fuel widely used by commercial airplanes, while Maritime Gas Oil (MGO) and Intermediate Fuel Oil (IFO) 380 are standard for ship engines.

“We urge our customers to take the necessary precautions and forward the payment receipt to PDVSA sales representatives so that the payment is cleared and fuel supply is assured,” the letter read.

An attached US Treasury information sheet contains details for Fedwire payments to a “Venezuela custody account” and requires information about “source of funds, e.g., oil, gold, minerals, etc.”

The leaked letter is the first publicly available document from a Venezuelan state institution directing foreign currency payments to an account run by the US Treasury Department as opposed to the country’s Central Bank (BCV) or some alternative state-run mechanism.

Since the January 3 military strikes and kidnapping of Venezuelan President Nicolás Maduro, the Trump administration has seized control of the country’s export revenues. The White House has likewise extracted concessions in the form of pro-business reforms, preferential access for Western corporations to natural resources, and external audits of the Venezuelan Central Bank.

US Treasury general licenses allowing select Western corporations to engage in oil and gas activities mandate that all Venezuela-owed payments for royalties, taxes, and dividends be deposited in US Treasury accounts. Additional sanctions waivers imposed similar constraints on mining sector services and exports.

Neither US nor Venezuelan authorities have disclosed information about the funds, the timings of their disbursements back to Caracas, and the percentage kept by the Trump administration. The US president stated in a May interview that Washington has “made a fortune” from Venezuelan oil sales.

Both Washington and Caracas have acknowledged the use of Treasury-held Venezuelan revenues for the purchase of medicines and medical equipment from US manufacturers. In January, Secretary of State Marco Rubio said in a Senate hearing in January that Venezuela would need to submit a “budget request” to access its own funds.

According to reports, Washington is mandating that the Venezuelan Central Bank distribute the returned foreign currency to private sector importers via exchange table auctions run by public and private banks. The BCV has reportedly allocated more than US $5 billion thus far in 2026.

The Rodríguez acting government’s diplomatic rapprochement with the Trump White House, coupled with reforms to attract Western investment, has led to a growing number of international airlines reestablishing flights to the Caribbean nation. American Airlines currently runs two daily direct Caracas-Miami flights, while United Airlines will launch a Caracas-Houston connection in August. Jetblue, for its part, is set to initiate its first-ever Venezuela route later in the year.

Venezuelan authorities have likewise recorded increased shipping activity at the country’s ports.