Trump Family's Crypto Bank Secures Preliminary Approval Amid Controversy
The Trump family's new cryptocurrency bank has secured preliminary approval from the Office of the Comptroller of the Currency to become a national trust bank. The institution, which will directly manage the dollar-backed stablecoin USD1, is expected to have Abu Dhabi's 'Spy Sheikh' as its top shareholder.
Tahnoon bin Zayed al Nahyan, the UAE's national security adviser and brother of President Mohamed bin Zayed, had previously invested $500 million in World Liberty Financial in January 2025. This investment subsequently flowed to entities linked to the Trump family, with around $263 million going directly to them.
The deal has raised concerns about potential conflicts of interest and national security risks, with Democrats calling for scrutiny of the arrangement. The White House and World Liberty have rejected claims that Tahnoon's investments influenced decisions by the U.S. government.