$500 million from the UAE into Trump's crypto project: Democrats demand urgent Senate hearings
Five influential Democratic senators have sent an official request to the leadership of key Senate committees, demanding urgent hearings on the crypto project World Liberty Financial (WLF), which is backed by President Trump's family. The reason is information that just four days before the president's inauguration, entities linked to a member of the UAE royal family purchased a stake in the project for $500 million.
Who is behind the deal and why it caused alarm
The letter, dated June 23, was signed by Senators Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden. They addressed it to the chairmen of the committees on banking, finance, judiciary, homeland security, and investigations.
The senators cite their own investigation, according to which the company Aryam Investment from Abu Dhabi acquired 49% of the shares of World Liberty Financial for approximately $500 million. This company is controlled by Sheikh Tahnoon bin Zayed Al Nahyan — the chief national security advisor of the UAE and the manager of the country's largest sovereign wealth fund.
According to available data, about $187 million of this amount went to entities linked to the Trump family, and another $31 million to entities linked to the Witkoff family. The deal was closed in January 2025, four days before Trump took office.
Chain of events: from investments to arms sales
In their appeal, the senators draw a direct link between these investments and subsequent administration decisions. Just a few months after the deal, the White House approved the sale of weapons to the UAE worth $1.4 billion. Additionally, in November 2025, permission was granted to the UAE company G42 to supply 35,000 advanced American AI chips — despite warnings about threats to national security.
The Democrats also note the administration's steps to weaken control over the crypto industry, including the disbandment of the special Justice Department unit for investigating cryptocurrency crimes.
"The entire chain of events raises serious concerns for us: it is possible that the UAE authorities have already received or will receive even more — to the detriment of US national security — after investing in the crypto company of the Trump family," the letter states.
White House reaction and WLF position
World Liberty Financial has previously denied such allegations, stating that Donald Trump and Steve Witkoff were not involved in the deal and are not connected to the company's activities after the president took office. The White House explained that the president's assets have been placed in a trust managed by his children, which, in their view, eliminates a conflict of interest.
This is not the first time senators have raised this issue. As early as February, Warren and Andy Kim sent a letter to Treasury Secretary Scott Bessent regarding the same deal.
My comment as an analyst: This situation is a classic example of how the intersection of political interests, large state investments, and a weakly regulated crypto sphere creates ideal ground for conflicts. Regardless of the outcome of the hearings, the very fact that a member of the UAE royal family effectively acquired a stake in a project closely linked to the family of the sitting president calls into question not only the ethical side of the issue but also the long-term reputation of the entire American crypto industry. The market should closely monitor the development of this story — the regulatory consequences could be serious.