Democratic senators demand investigation: $500 million from UAE to Trump family crypto project
Five influential Democratic senators have sent an official request to the chairs of key Senate committees, demanding urgent hearings on the World Liberty Financial (WLF) project backed by the family of the U.S. president. The reason is information that shortly before Donald Trump's inauguration, 49% of WLF shares were purchased for $500 million by an entity linked to a member of the royal family of the United Arab Emirates.
Deal Details and Figures Behind the Scenes
The letter, dated June 23, was signed by Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden. They cite an investigation according to which the Abu Dhabi-based company Aryam Investment acquired a stake in WLF four days before Trump's inauguration in January 2025. This company is controlled by Sheikh Tahnoon bin Zayed Al Nahyan — the UAE's National Security Advisor and manager of the country's largest sovereign wealth fund.
According to available data, about $187 million from this deal went to entities linked to the Trump family, and another $31 million to entities linked to the Witkoff family. The senators draw a direct parallel between these investments and subsequent administration decisions: a few months later, a $1.4 billion arms sale agreement with the UAE was approved, and in November 2025, despite warnings about national security threats, authorities allowed the supply of 35,000 advanced AI chips to UAE-based company G42.
National Security or Conflict of Interest?
The letter emphasizes that the entire chain of events raises serious concerns: "It is possible that the UAE authorities have already received or will receive even more — to the detriment of U.S. national security — after investing in the Trump family's crypto company." The senators also note the administration's steps to ease oversight of the crypto industry, including the disbandment of the Justice Department's special unit for investigating cryptocurrency crimes.
The White House and WLF deny the allegations. Project representatives state that President Trump and Steve Witkoff were not involved in the deal and are not connected to the company's activities after taking office. The administration insists that the president's assets have been placed in a trust managed by his children, eliminating any conflict of interest.
This is not Warren's first request on this topic — in February, she already addressed Treasury Secretary Scott Bessent. My assessment: the situation is taking on the character of a systemic crisis of trust. The merging of major UAE state interests with the personal financial projects of the U.S. president's family creates a dangerous precedent that could undermine not only the reputation of the crypto market but also the foundations of national security. Investors should closely monitor the development of this investigation — its outcome could radically change the regulatory landscape for the entire industry.