Trump Family's Crypto Bank Tied to UAE National Security Adviser
The 'Spy Sheikh' Behind Trump Family's Crypto Bank Revealed
Sheikh Tahnoon bin Zayed al Nahyan, a member of Abu Dhabi's royal family and national security adviser to the UAE president, holds a significant stake in World Liberty Financial, a cryptocurrency company led by the Trump family. According to a report from The Wall Street Journal, StringZ Holding RSC, an entity owned by Sheikh Tahnoon and other investors, owns 49% of WLTC Holdings, which operates the Trump family's banking business.
This revelation comes as World Liberty Financial received preliminary conditional approval from the Office of the Comptroller of the Currency to establish a federally chartered national trust bank. The company must still meet additional requirements and undergo an OCC examination before operations can begin.
The bank will allow World Liberty to directly issue and manage its USD1 stablecoin, which has a market value of around $4 billion. CEO Zach Witkoff, the son of Trump Middle East envoy Steve Witkoff, stated that the company aims to create 'the most trusted and widely used digital dollar in the world.'
The arrangement has raised concerns among Democrats and ethics experts due to potential conflicts of interest. The UAE's president, Sheikh Khalifa bin Zayed al Nahyan, is the brother of the national security adviser. The country has also negotiated with the Trump administration over access to advanced American AI chips.