As you would possibly anticipate, I’m not a subscriber to Nationwide Assessment, the conservative journal based by the late William F. Buckley, Jr. However I’m contemplating turning into one, after studying concerning the NR’s protection of the rising scandal involving World Liberty Financial, the Trump household’s crypto monetary providers agency. This can be a story which has now been reported by The Wall Avenue Journal, in addition to Nationwide Assessment, however which has largely been ignored by most different media retailers on the fitting, together with most significantly Fox Information.
B&B readers might recall that I’ve written earlier than concerning the Trump household’s widespread crypto corruption, most just lately in my publish “Our Crypto President”. However till I got here throughout the latest WSJ and NR protection of the World Liberty Monetary affair, I had not totally acknowledged the sheer magnitude of the newest allegations. And whereas the info are nonetheless popping out, I’m going to exit on a limb right here and say that the Trump household’s actions via World Liberty Monetary (WLF) have the potential to develop into the biggest monetary scandal in US political historical past, and one which instantly implicates the President of america.
As I write, it seems that as a lot as $6 billion of money has flowed from international entities into or via WLF, maybe 40% of which appears to have come from associates of the UAE authorities. Based on reporting within the WSJ and the NR, over $1 billion of this money has already been distributed by WLF to the Trump household, and smaller quantities to the Witkoff household, the Trumps’ companions in WLF. (Steve Witkoff can also be the President’s “particular envoy” to the Center East, however till just lately we didn’t understand how “particular” his function actually was.)
This $6 billion complete consists of $500 million that was secretly “invested” in WLF simply 4 days previous to President Trump’s second inauguration, and reportedly distributed to the President and different members of the Trump household a couple of days later. This money reportedly got here from an entity managed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE nationwide safety advisor and brother of the UAE president. And it seems that Sheikh Tahnoon was additionally behind the next buy of $2 billion of USD1 stablecoins issued by WLF to MGX, a UAE sovereign wealth fund in March of 2025, two months earlier than the Trump administration controversially accepted the sale of nationwide safety-delicate chips to the UAE.
The $2 billion of USD1 cash initially issued by WLF had been used by MGX to facilitate the acquisition of a minority fairness stake in Binance, the offshore crypto alternate which is legally banned from doing enterprise within the USA. Readers might recall that Binance was based (and continues to be run) by the infamous Changpeng Zhao (aka “CZ”), a convicted felon who was just lately pardoned by President Trump, doubtlessly clearing the way in which for Binance to renew operations within the US.
For the reason that authentic UAE transaction, Binance has been actively selling the acquisition of further USD1 stablecoins, $3 billion of which (along with the UAE holdings) are actually held by it in offshore accounts on behalf of international purchasers whose identities are largely undisclosed. On the present degree of US rates of interest, this $5 billion of excellent USD1 stablecoins generates an estimated $150-200 million of annual curiosity revenue for WLF, a big portion of which can presumably move via to the Trump and Witkoff households, with who is aware of what in the way in which of future advantages flowing to Binance, Sheikh Tahnoon or others.
Neither the President nor the White Home has denied any of the info regarding the WLF Affair, as initially reported in The Wall Avenue Journal. As a substitute, they’ve stated solely that the President himself was not personally concerned within the underlying transactions, which in fact is basically irrelevant.
Andy McCarthy is the Nationwide Assessment’s principal authorized commentator and he’s properly referred to as a longstanding and harsh (to say the least) critic of Presidents Biden and Obama. McCarthy has written extensively concerning the alleged monetary corruption of the Biden household, which reportedly concerned improper funds of as a lot as $27 million, roughly 1% of the quantity paid to World Liberty Monetary simply by the UAE. The Nationwide Assessment plans to publish a 5-half collection written by McCarthy, about what it calls the “sordid story” of Trump, World Liberty Monetary and the UAE, solely the primary episode of which has been launched up to now. (Read it here.).
Home Democrats are trying to research the assorted cash flows from suspect international entities to World Liberty Monetary and the Trump household. To my data, nonetheless, no Republican member of Congress has publicly voiced even the slightest concern over this matter, however latest feedback from Republican mega-donor Ken Griffin, who criticized the President for participating in actions which in his phrases have been “very, very enriching to the households of these within the administration”.
Solely time will inform how this all performs out, and what impression the Nationwide Assessment and Wall Avenue Journal reporting might have on Republican voters and their representatives in Congress. But when this performs out the way in which I believe it’d, the ramifications will likely be enormous. And when that occurs, Fox viewers, I’d such as you to recollect the place you first heard about it: Right here on Banking & Past, your go-to-supply for a very powerful monetary information and commentary. Significantly when it entails the President.
L:inks
One Generation Runs the Country. The Next Cashed in on Crypto. WSJ. November 7, 2026
The Sordid Story of Trunp, the Trump-Witkoff Family, and the UAE. National Review, November 7, 2026.
