- Senate Democrats are seeking hearings into a reported US$500 million (AU$710 million) UAE-backed investment in World Liberty Financial, a crypto venture linked to the Trump family.
- Lawmakers are examining whether the investment and subsequent US policy decisions involving AI chip exports to the UAE could present conflicts of interest or national security concerns.
- Donald Trump has denied involvement in the transaction, saying he was unaware of the investment and does not participate in the company’s daily operations.
Senate Democrats are pressing Republican leaders to hold hearings into reported financial links between the Trump family’s crypto venture, World Liberty Financial (WLFI), and an Abu Dhabi investment vehicle associated with Sheikh Tahnoon bin Zayed Al Nahyan. The lawmakers argue that the matter raises questions about potential conflicts of interest and implications for US national security.
A letter sent on 23 June by Democratic senators including Elizabeth Warren, Ron Wyden, Richard Durbin, Gary Peters and Richard Blumenthal called for immediate hearings into the reported arrangement. Because Republicans control both chambers of Congress, they would determine whether any such hearings proceed.
According to reports cited by lawmakers, an investment vehicle backed by Sheikh Tahnoon acquired a 49% stake in WLFI through a deal valued at US$500 million (AU$710 million). The agreement was reportedly signed by Eric Trump on 16 January 2025, four days before Donald Trump’s inauguration.
Related: Top Shareholder Sues Solmate Leadership, Alleging Self-Dealing and Mismanagement
Examining the Investment Structure
Lawmakers said US$250 million (AU$355 million) was paid upfront, with approximately US$187 million (AU$265.5 million) going to Trump family-linked entities and more than US$31 million (AU$44 million) directed to entities connected to WLFI co-founder Steve Witkoff’s family. Witkoff’s son, Zach Witkoff, currently serves as the company’s chief executive.
The senators also questioned the timing of a subsequent Trump administration framework that granted the United Arab Emirates access to advanced AI chips. They argued Congress should examine whether the investment was connected to later policy decisions and determine whether any benefits were provided in return.
Trump has stated that he was unaware of the investment and is not involved in WLFI’s day-to-day operations. Earlier this year, Democratic lawmakers also sought a national security review of the transaction.
Related: Australian Crypto Unicorn Immutable Scales Back Game Development in AI Pivot
Be the first to comment