Trump Crypto Deal with UAE Sparks Congressional Hearings Demands

Democratic senators have called for hearings on a reported $500 million deal between President Trump's crypto firm, World Liberty Financial, and an Abu Dhabi investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan.

The investment was made just four days before Trump's inauguration in January 2025, with half of the funds going to Trump family-controlled entities and at least $31 million to entities linked to Steve Witkoff's family. Witkoff co-founded World Liberty Financial and later became US Special Envoy to the Middle East.

The senators, including Elizabeth Warren, Gary Peters, Ron Wyden, Richard Durbin, and Richard Blumenthal, raised concerns that the UAE investment may have influenced decisions made by the Trump administration, particularly regarding access to thousands of AI chips. The Trump administration released a framework giving the UAE access to these chips despite national security warnings from US officials.

Trump has denied any involvement in World Liberty Financial's daily operations and claimed he was unaware of the deal. However, the controversy is now threatening to derail a major US crypto regulation bill in Congress, with several Democratic lawmakers vowing not to support it unless ethics provisions are added to address conflicts of interest tied to Trump's crypto holdings.