Trump Crypto Empire Faces Scrutiny Over Saudi Linked Stake in New Bank

A Trump-linked crypto venture company, World Liberty Financial, is preparing to launch a federally chartered national trust bank after receiving preliminary conditional approval from the Office of the Comptroller of the Currency. The proposed bank's holding company ownership includes an entity linked to Sheikh Tahnoon bin Zayed al Nahyan and co-investors, who reportedly own 49% of WLTC Holdings.

The OCC's action is not a final banking charter but rather a preliminary and conditional approval. World Liberty Financial plans to issue, redeem, and safeguard USD1, the dollar-backed stablecoin it launched last year.

Sheikh Tahnoon bin Zayed al Nahyan serves as the UAE's national security adviser and oversees a business empire valued at more than $1.3 trillion.

The new venture marks an expansion of the business relationship between World Liberty Financial and a foreign government official, according to the Journal. The OCC's preliminary conditional approval remains in place until a final charter is granted.