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Democrats Demand Hearings on Trump Family's $500M UAE Crypto Deal
Five Senate Democrats want hearings into whether a $500M Abu Dhabi investment in Trump-linked crypto venture World Liberty Financial influenced policy. The deal's timing and subsequent AI chip access raise conflict-of-interest questions.
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Senate Democrats want hearings into whether the Trump administration's policy decisions were influenced by a $500 million crypto investment from Abu Dhabi royalty. The letter, signed by Senators Warren, Peters, Wyden, Durbin, and Blumenthal, was sent to Republican leadership Tuesday.
The deal itself is getting closer scrutiny. According to The Wall Street Journal, an investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser, took a 49% stake in World Liberty Financial, the decentralized finance and stablecoin venture where President Trump and his three sons serve in advisory roles. Eric Trump signed the agreement four days before his father took office in January 2025.
Half the $500 million went out immediately. Of that, $187 million flowed to entities controlled by the Trump family. Another $31 million went to associates of Steve Witkoff, who co-founded World Liberty and later became U.S. Special Envoy to the Middle East.
The senators argue Congress must examine whether the UAE's money shaped policy. With Republicans controlling the Senate and its committees, they get to decide if hearings happen.
A second concern surfaced months after the investment closed. The Trump administration unveiled a framework that gave the UAE access to thousands of AI chips, overriding warnings from U.S. national security officials about potential Chinese access to that technology.
President Trump has said he had no knowledge of the $500 million transaction and isn't involved in World Liberty's day-to-day operations.