On August 24, Bloomberg reported that the Trump family is just one step away from owning their own bank. Family members of President Trump and their business partners have received preliminary approval to establish a bank. This development comes during a rare window of opportunity: thanks to the Trump administration's push for deregulation, the difficulty of applying for a national bank charter in the U.S. has dropped to its lowest level in nearly 20 years. According to the Office of the Comptroller of the Currency (OCC), 22 bank charter applications have been approved in the first 19 months of Trump's second term, surpassing the total number approved in the previous five years. Many of the newly approved institutions come from the fintech and digital asset sectors. After the 2008 financial crisis, the number of bank charter applications significantly declined, and regulators tightened their review processes, making large-scale approvals rare in recent years. In the past, the approval process for bank charter applications often took months or even years, but under OCC head Jonathan Gould, the goal is to respond to each application within 120 days. However, it remains uncertain how long this approval window will last. The Republican Party faces a critical test in the midterm elections this November. If the Democrats gain a larger advantage in Congress, the regulatory body responsible for reviewing bank charter applications may face stricter scrutiny. So far, the vast majority of applications have been approved. This means that the U.S. financial industry will witness a large-scale "experiment" for the first time: whether a significant number of non-traditional financial companies can achieve profitability while maintaining safety and soundness after entering the banking sector. Proponents of lowering the entry barriers for new tech banks believe this will help alleviate the ongoing consolidation trend in traditional banking while addressing the issue of the expanding size of the largest U.S. banks. The Trump family's World Liberty Financial has also joined this round of new bank applicants, alongside stablecoin issuer Circle, consumer bank Nu Holdings Ltd., and cryptocurrency exchange Coinbase Global Inc. For the Trump family, the core goal is to expand the usage of their dollar stablecoin USD1. Earlier this month, World Liberty Financial stated that establishing a bank would allow it to hold assets to support the stablecoin, thereby reducing related costs. Trump will become the first sitting U.S. president to have a bank founded by his children during his term, although other U.S. presidents have had close ties to the banking industry. The Roosevelt family has operated a financial firm in New York for over a century; former President George H.W. Bush's father served as a managing partner of the private banking and financial services company Brown Brothers Harriman.