Senate Democrats Seek Hearings on $500M Trump Crypto Deal

Senate Democrats are pushing for formal hearings into a $500 million investment by a UAE royal entity into World Liberty Financial, the DeFi and stablecoin venture tied to the Trump family. The June 23 letter from Democratic senators describes what they see as a conflict between personal financial interests and US foreign policy.

The investment gave UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan a 49% ownership stake in WLFI. It was finalized on January 16, 2025, four days before Donald Trump's second presidential inauguration. Of the $250 million paid upfront, roughly $187 million flowed to Trump family-associated entities, according to financial reports cited by the lawmakers. WLFI co-founder Steve Witkoff's family entities received over $31 million from the same pot.

WLFI launched before the 2024 election with Trump designated as "Co-Founder Emeritus." Trump has said he was unaware of any details surrounding the UAE investment.

The letter calls for CFIUS-style national security reviews of the transaction. CFIUS, the Committee on Foreign Investment in the United States, screens foreign acquisitions for national security risks. Democrats also flagged the timing of US approvals for advanced AI chip exports to the UAE, suggesting a pattern where policy decisions favorable to Abu Dhabi coincided with financial benefits to Trump-connected ventures.