World Liberty Financial’s push into federally regulated banking has opened a new front in the debate over President Donald Trump’s crypto business interests, after details of a large investment tied to one of the United Arab Emirates’ most powerful officials returned to the spotlight.

World Liberty Trust Company received preliminary conditional approval from the Office of the Comptroller of the Currency on Aug. 14 to organize as a national trust bank. A recent report highlighted the ownership structure behind the proposed institution, including a 49% stake in its holding company held by investors backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and brother of the country’s president.

The…