Trump Demands Nuclear Ban as U.S. Seizes $1 Billion Iran Crypto

Between May 28 and May 31, 2026, the United States intensified a campaign of economic and military pressure against Iran. Donald Trump convened a national security meeting in the White House Situation Room to consider a preliminary memorandum of understanding to extend a ceasefire. He deferred a final decision, demanding that Iran permanently abandon nuclear weapons, destroy enriched materials under international oversight, and ensure the Strait of Hormuz remains open to unrestricted shipping. Iran's Foreign Ministry rejected these demands, with spokesperson Esmail Baghaei stating that Tehran had long since moved past the language of "must."

Simultaneously, Treasury Secretary Scott Bessent executed "Operation Economic Fury," a strategy launched in March 2025 to isolate Tehran financially. The U.S. Treasury seized approximately $1 billion in Iranian cryptocurrency assets, blocked Iranian airlines from landing slots and refueling, and sanctioned the Persian Gulf Strait Authority, an Iranian agency collecting transit fees. Further sanctions targeted Hong Kong-based companies facilitating a "shadow fleet" for the oil sales arm of Iran's Armed Forces General Staff, Sepehr Energy Jahan.

Bessent reported that these measures, alongside a U.S. naval blockade of the Kharg Island oil export facility, have pushed Iran into a severe financial crisis. He cited inflation exceeding 200 percent and the government's inability to pay up to 50 percent of its military personnel. While Bessent suggested some sanctions could be slowly removed if Iran meets specific milestones, Trump maintained that no funds would be exchanged until his conditions are met.