One of the most powerful men in the United Arab Emirates is getting deep into the Trump family's financial business. Sheikh Tahnoon bin Zayed al Nahyan, also known as the "spy sheik," has become the largest shareholder in a new bank being prepared by the Trump family-linked cryptocurrency company World Liberty Financial. As The Wall Street Journal reports, Tahnoon and other investors control 49% of the shares of World Liberty Financial Holdings.
World Liberty Financial received preliminary approval from U.S. authorities this month to establish a federally licensed bank. The bank will manage USD1, the company’s digital currency, which is pegged to the U.S. dollar. USD1 currently has a market cap of about $4 billion. The company says the reserves backing the currency are invested primarily in U.S. Treasury bills and similar assets, generating about $150 million a year in interest.
The significance of the deal goes beyond the world of cryptocurrencies. Tahnoon is the National Security Advisor to the United Arab Emirates and the brother of the country's president, while also controlling a financial empire worth more than $1.3 trillion. It is this combination of business and politics that has raised questions in Washington. Democratic lawmakers and ethics experts have called for more transparency about the financial ties between Tahnoon and companies linked to Trump. Concerns have also been heightened because the expansion of business relations between the two parties comes at a time when the Trump administration is negotiating with the UAE for access to American artificial intelligence technology.
AI chip deal at center of controversy
In the spring of 2025, Trump announced a deal that would pave the way for the Emirates to buy billions of dollars in American artificial intelligence chips. A significant portion of that was earmarked for G42, an artificial intelligence company controlled by Tahnoon. The deal was initially delayed due to concerns among some U.S. officials that the advanced technology could end up with Chinese companies cooperating with the Emirates. However, the Trump administration approved the sale of the chips to G42 and recently eased restrictions on the amount the company could buy.
The entanglement between the Trump family's business dealings and the US administration's negotiations with the Emirates has prompted calls for more transparency. Democratic Senator Elizabeth Warren and dozens of other lawmakers have sought clarification of the bank's ownership structure and the potential influence of foreign investors.
The White House has dismissed claims of conflict of interest, stating that President Trump “acts only in the best interests of the American public.” World Liberty Financial must still meet certain regulatory conditions before the new bank can officially begin operations.
