Federal regulators have given President Donald Trump’s family crypto business a conditional approval to operate like a bank. On Friday, the Office of the Comptroller of the Currency—led by Trump appointee Jonathan Gould—announced that World Liberty Financial, a crypto venture controlled by the Trump family, was on track to receive a banking charter. This will allow World Liberty Financial to issue its stablecoin tokens—called “USD1″—inside the United States without an intermediary.

“The decision stands to give new powers and federal credibility to a venture in which Trump and his family retain a substantial financial interest,” as Politico‘s Michael Stratford and Declan Harty put it. “It’s also among the most direct official actions that the administration has taken involving the president’s private finances.”

Edit with more info: Trump crypto firm backs venture offering AI from restricted Chinese companies