We have Iran by the bitcoins…

Trump Weighs Iran Deal as U.S. Tightens Financial Grip on Tehran

President Trump spent two hours inside the Situation Room with senior generals and national security advisers on Friday, weighing what officials described as a potential first-phase agreement with Iran that could reopen the Strait of Hormuz, unwind part of a U.S. naval blockade and place renewed pressure on Tehran’s nuclear program.

The talks come after weeks of military escalation, economic pressure and rising uncertainty across the Middle East. Administration officials say the United States now holds extraordinary leverage over Iran — not only through military force in the Gulf, but also through frozen assets, seized cryptocurrency, sanctions and coordinated efforts with European allies to target properties linked to Iranian elites.

Before entering the meeting, Trump repeated his central demand: Iran must never obtain a nuclear weapon. He also said the United States would insist on uncovering and removing what he called the “nuclear dust” — a reference to Iran’s enriched uranium stockpiles and nuclear material.

According to officials and television reports, the proposed first phase of the deal would require Iran to immediately reopen the Strait of Hormuz without tolls, restrictions or new conditions. Tehran would also be required to remove and detonate naval mines left in the Gulf. In exchange, the United States would gradually lift its naval blockade, allowing ships trapped by the standoff to begin returning home.

But Trump made clear that any relief would be conditional.

The president said Iran would receive no immediate cash payments, despite Tehran’s demands for access to unfrozen funds. The administration is still debating what to do with Iranian assets currently under U.S. or allied control. That includes, according to officials cited on air, roughly $1 billion in cryptocurrency allegedly seized from Iranian-linked wallets.

“We have them by the bitcoins,” one commentator said, summarizing the administration’s view that Tehran is now financially cornered.

The phrase was crude, but the strategy is serious. The White House appears to be using money as a throttle: release pressure only when Iran complies, tighten it again if Tehran cheats. Retired Gen. Jack Keane described the approach as a way of controlling a regime Washington does not trust.

“We know they’re going to cheat,” Keane said, pointing to alleged Iranian violations in and around the Strait of Hormuz. “We have the money. We have their frozen assets. We have sanctions. So we can meter that out based on how their behavior is changing.”

The deal, if finalized, would be one of the most consequential foreign policy developments of Trump’s second term. It would also represent a dramatic shift in the balance of power across the Middle East. The United States has spent weeks using military force, maritime restrictions and economic seizure to pressure Tehran into concessions it had long resisted.

Yet the agreement remains uncertain. Iran’s leadership is divided between clerical authorities and the Revolutionary Guard, a military-political force that has built much of its power around confrontation with the West. Treasury Secretary Scott Bessent described the challenge as negotiating with two competing structures: “a theocracy with the clerics” and “a thugocracy with the IRGC.”

That split is central to the administration’s calculations. Officials believe Iran’s senior leadership wants financial relief and a path out of isolation, while hard-line military figures may still prefer confrontation. The United States is trying to exploit that tension by making the cost of resistance unbearable.

The economic pressure has been severe. The naval blockade has trapped ships, restricted trade and cut into revenue streams that help sustain the regime. At the same time, U.S. and European authorities are reportedly moving against Iranian-linked villas, estates and properties abroad. The goal is to make the ruling elite feel the pain personally — not only through sanctions on paper, but through the loss of assets they value.

Reports also suggest that Iranian officials have floated allowing American companies, including energy firms, to do business inside Iran as part of a broader settlement. If true, such a proposal would mark a stunning reversal for a regime that has spent decades defining itself through resistance to American influence.

Still, nothing about Iran is simple. Administration allies warn that Tehran may offer concessions to escape pressure, only to rebuild strength later. The question facing Trump is whether he can design a deal that opens the Strait, destroys or removes nuclear material, protects U.S. interests and prevents Iran from using relief to rearm.

Former House Speaker Newt Gingrich argued that Trump may be on the edge of a historic victory. In his view, the president has not only weakened Iran militarily but also helped align Arab states and Israel against a shared threat. Secretary of State Marco Rubio’s meetings with Pakistani officials underscored that changing regional map. Pakistan, once viewed by many Americans through the lens of distrust after Osama bin Laden was found there, is now reportedly serving as an intermediary in the Iran talks.

The coalition remains fragile, but the strategic direction is clear: Iran has become a problem that many regional powers want contained.

Jamie Dimon, the chief executive of JPMorgan Chase, framed the threat in global terms. He warned that if Iran obtained a nuclear weapon, other countries in the region and beyond could feel compelled to follow. Saudi Arabia, Egypt, the United Arab Emirates, Kuwait, South Korea, Japan and Australia could all reconsider their own positions in a world where Tehran crosses the nuclear threshold.

That fear — a cascade of nuclear proliferation — has long animated U.S. policy toward Iran. Trump’s supporters argue that previous administrations failed to stop the threat decisively. They say the current pressure campaign has created the strongest American position in 47 years.

Markets appear to be responding with optimism. The Dow, S&P 500 and Nasdaq reportedly reached record highs, while crude oil prices moved toward their largest one-month decline in six years. Oil was down roughly 20 percent in May, and gas prices fell in 49 of 50 states, with Alaska as the exception.

For the White House, those numbers matter. A prolonged conflict in the Gulf could have driven energy prices sharply higher, damaging consumer confidence and creating political risk before the midterm elections. Instead, the administration is presenting the possible Iran deal as both a national security victory and an economic win.

Dimon praised the underlying strength of the United States, calling America the “arsenal of democracy” and arguing that the country’s military power is supported by the strongest economy in the world. That message aligns closely with Trump’s own argument: strength abroad begins with strength at home.

The Pentagon, however, is not standing down. Defense Secretary Pete Hegseth visited the USS Boxer in the Indo-Pacific, telling sailors and Marines that American deterrence depends on their readiness. He said Trump had made clear that Iran could either reach a deal across the table or face the consequences from the U.S. military.

That warning was not aimed only at Tehran. Hegseth’s trip to Singapore for the Shangri-La defense conference also sent a message to China. While Washington is negotiating in the Middle East, it is simultaneously reinforcing partnerships in Asia. Beijing is watching closely, aware that U.S. military credibility in one theater affects perceptions in another.

The administration is also expanding operations closer to home. The Pentagon has ordered roughly 1,300 Marines and sailors to the Caribbean in support of Operation Southern Spear, a mission targeting drug cartels. Senior U.S. military officials recently met with Cuban counterparts near Guantanamo Bay, an unusual development that has sparked speculation about broader regional plans.

Taken together, the moves suggest an administration trying to project power across multiple fronts: Iran, Asia, the Caribbean and the global financial system.

But the Iran question remains the centerpiece. Analysts close to the administration say the phrase “no dust, no deal” captures the core demand. Iran’s enriched uranium cannot remain hidden, buried, transferred or preserved in a way that allows Tehran to rebuild a nuclear program later. The United States wants the material exposed, removed or destroyed.

Foreign policy analyst Harley Lippman argued that Iran’s nuclear ambitions have always been aimed ultimately at the United States. He warned that Tehran’s missile program, including intercontinental missile development, was designed to carry nuclear warheads. Although U.S. military operations have reportedly degraded that capability, he said Iran could reconstitute it if given time and money.

That is why financial pressure has become so important. Striking military sites can slow a program. Seizing money can restrict the ability to rebuild it.

Still, skeptics caution against assuming that economic pain alone will transform the regime. Iran’s ruling class has survived sanctions, protests, assassinations, military strikes and isolation. Its leaders may accept a tactical pause without abandoning their ideological commitments.

Lippman compared the clerical and military leadership to different branches of the same hard-line system. He argued that while Washington may try to play factions against each other, both remain committed to hostility toward the United States.

That view reflects the deepest uncertainty in the talks. Is Iran negotiating because it has genuinely changed course, or because it needs time? Is the regime ready to surrender its nuclear ambitions, or merely trying to survive the current crisis?

Trump appears to believe leverage can answer those questions. If Iran complies, relief can come gradually. If it violates the terms, sanctions, seizures and military pressure can return. The administration sees that flexibility as the advantage of holding so many financial cards.

The risk is that Iran may test the boundaries immediately. It could delay mine removal, dispute inspection terms, hide nuclear material or use proxies to create instability while denying responsibility. Any such move would force Trump to choose between preserving the deal and proving that violations carry consequences.

For now, the president is presenting the possible agreement as a triumph of pressure. Ships may soon begin leaving the Strait of Hormuz. Oil prices are falling. Iran is demanding money but not receiving it. Its overseas assets are under threat. Its nuclear program is facing new demands. Its regional adversaries are increasingly aligned.

But no deal exists until it is signed, implemented and enforced. The Strait must open. Mines must be removed. Nuclear material must be accounted for. Assets must remain tied to behavior. And Iran must show that it can control both its clerics and its commanders.

The next phase will determine whether Trump has engineered a historic breakthrough or merely bought a temporary pause in a conflict that has defined the Middle East for nearly half a century.

For now, the United States has leverage. Iran wants relief. Markets are hopeful. The military is ready.

And inside the Situation Room, the president is deciding how hard to squeeze.