The Trump administration has granted preliminary approval for a cryptocurrency venture backed by President Donald Trump's family to operate a federally chartered trust bank, over the protests of Democrats who decried the decision as riddled with conflicts of interest. The Office of the Comptroller of the Currency, the bank regulatory arm of the Treasury Department, said in a letter on Friday that it was conditionally approving World Liberty Trust Co.'s application for a trust bank charter. The company must still meet additional requirements before it receives final approval, the regulator said. The decision stands to give new powers and federal credibility to a venture in which Trump and his family retain a substantial financial interest