Vicky Ge Huang of the Wall Street Journal reported that the Trump family’s cryptocurrency venture World Liberty Financial today applied for a national banking license from the U.S. Office of the Comptroller of the Currency, part of the Treasury Department. A banking license would integrate the Trump family’s cryptocurrency more fully into mainstream finance.

If the Treasury Department issues the license—a potential outcome that critics say reveals a major conflict of interest for the president—the president and chair of the new company would be Zach Witkoff, whose father is the son of Trump’s envoy to Russia Steve Witkoff, who the Wall Street Journal recently reported had been handpicked for his role by Russian president Vladimir Putin. The younger Witkoff started World Liberty Financial in 2024 with Trump’s sons Don Jr., Eric, and Barron.

Today, Energy Secretary Chris Wright told an audience at a Goldman Sachs energy industry event in Miami, Florida, that the United States will take control of all oil from Venezuela for the foreseeable future. Lisa Desjardins and Nick Schifrin of PBS NewsHour reported this afternoon that Trump administration officials have told lawmakers that they plan to put the money raised from their seizure of Venezuelan oil into bank accounts outside the U.S. Treasury. Desjardins clarified that “[s]ources said they understood these as similar [to] or decidedly ‘off-shore’ accounts.”

Yesterday, Trump announced that, as president of the United States, he would control the money from the sale of Venezuelan oil.
And then, this afternoon, Trump’s social media account first threatened the defense contractor Raytheon, saying that “[e]ither Raytheon steps up, and starts investing in more upfront Investment like Plants and Equipment, or they will no longer be doing business with Department of War.”

Then, the same account posted: “After long and difficult negotiations with Senators, Congressmen, Secretaries, and other Political Representatives, I have determined that, for the Good of our Country, especially in these very troubled and dangerous times, our Military Budget for the year 2027 should not be $1 Trillion Dollars, but rather $1.5 Trillion Dollars. This will allow us to build the ‘Dream Military’ that we have long been entitled to and, more importantly, that will keep us SAFE and SECURE, regardless of foe. If it weren’t for the tremendous numbers being produced by Tariffs from other Countries, many of which, in the past, have ‘ripped off’ the United States at levels never seen before, I would stay at the $1 Trillion Dollar number but, because of Tariffs, and the tremendous income they bring, amounts being generated, that would have been unthinkable in the past (especially just one year ago during the Sleepy Joe Biden Administration, the Worst President in the History of our Country!), we are able to easily hit the $1.5 Trillion Dollar number while, at the same time, producing an unparalleled Military Force, and having the ability to, at the same time, pay down Debt, and likewise, pay a substantial Dividend to moderate income Patriots within our Country!”

Jeff