$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 heads of key Senate committees, demanding immediate hearings dedicated to the cryptocurrency project World Liberty Financial (WLF), which is supported by President Donald Trump's family. The reason for such a harsh reaction was information about a large-scale financial transaction carried out four days before the inauguration.
According to the data underlying the appeal, the company Aryam Investment from Abu Dhabi acquired a 49% stake in WLF for approximately $500 million. This company is controlled by Sheikh Tahnoon bin Zayed Al Nahyan, a key figure in the power structures of the UAE, the chief national security advisor, and the manager of the country's largest state fund.
The senators emphasize that the deal took place literally on the eve of Trump's assumption of office. They point to a direct connection between this event and subsequent administration decisions, which, in their opinion, may have been dictated by the interests of the UAE. This refers to the approval of arms sales to the Emirates worth $1.4 billion, as well as the issuance of a permit to the company G42 for the supply of 35,000 advanced American AI chips in November 2025, despite warnings about national security risks.
"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. Democrats also draw attention to the general weakening of control over the crypto industry, including the disbandment of the Justice Department's special unit for investigating cryptocurrency crimes.
Position of the White House and WLF
For their part, representatives of World Liberty Financial traditionally reject these allegations, claiming that neither Donald Trump nor Steve Witkoff participated in the deal and have not been associated with the company's operational activities since the president took office. The White House insists that the president's assets have been transferred to a trust managed by his children, which, in their opinion, completely eliminates a conflict of interest.
Senator Elizabeth Warren, who had already sent a request to Treasury Secretary Scott Bessent on the same matter in February, continues to insist that the administration's partnerships with Gulf countries in the field of AI and cryptocurrencies pose a direct threat to national security.
Expert commentary: This case is a classic example of how the intersection of politics, large state investments, and the deregulated crypto sphere creates a "perfect storm" for a conflict of interest. If the information about the deal is confirmed, it will be a serious blow to the reputation of not only the president's family but also the entire American crypto industry, which is trying to prove its maturity and independence from political circumstances.