Trump’s Crypto Deal With the UAE Faces Senate Heat Over $500M Stake

Five Senate Democrats sent a letter to Republican committee chairs on June 23 demanding immediate hearings into a reported $500 million investment by UAE-linked investors in World Liberty Financial, the crypto company tied to President Donald Trump’s family.

The letter asks Trump administration officials to testify under oath about whether the investment influenced subsequent U.S. policy decisions toward the Gulf state.

Deal Gave UAE-Linked Investors a 49% Stake Four Days Before Inauguration

The investment was made on January 16, 2025, four days before Trump’s second inauguration. Lieutenants to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, acquired a 49% stake in World Liberty Financial through an Abu Dhabi investment vehicle for approximately $500 million.

Of that amount, $218 million was paid upfront to entities tied to the Trump family and Steve Witkoff, Trump’s lead diplomat for the Middle East and Russia, whose son Zach Witkoff serves as World Liberty Financial’s CEO.

The letter, signed by Senators Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin and Ron Wyden, described the arrangement as unprecedented in American politics. Trump’s aides have said he is not involved in World Liberty Financial’s day-to-day operations and that his assets are held in a trust. The senator wrote:

“We are deeply concerned about this series of events, which raise questions about what more the UAE may receive — or may have already received — at the expense of U.S. national security after investing in the Trump family crypto company.”

Senators Tie the Investment to a $1.4 Billion Arms Sale and Nvidia Chip Exports

The senators’ letter links the investment to a series of subsequent U.S. policy decisions toward the UAE.

The Trump administration approved a $1.4 billion arms sale to the UAE in May 2025, despite congressional concerns about weapons to reach armed groups in Sudan. In the same month, the Treasury Department created a Known Investor Pilot program to streamline CFIUS investment approvals, a process the UAE had lobbied for.

The letter also cites Commerce Department actions that the senators say benefited the UAE, including the rescission of Biden-era chip export restrictions. The authorization of G42, a UAE AI company chaired by Sheikh Tahnoon, to receive 35,000 Nvidia Blackwell chips in a deal worth more than $1 billion.

U.S. intelligence officials reportedly found that G42 had provided American technology used to enhance China’s missile capabilities, a concern the letter raises as an additional reason for congressional scrutiny.

Hearing Request Goes to Republican Chairs Who Control the Senate Calendar

The five senators hold ranking-member positions on the Banking, Homeland Security, Judiciary, Finance, and Permanent Subcommittee on Investigations committees.

Their letters were addressed to the Republican chairs of each, including Tim Scott, Rand Paul, Mike Crapo, Chuck Grassley and Ron Johnson, who hold sole authority to schedule or reject hearings. Republicans control both chambers of Congress, meaning the request depends on GOP leadership cooperation to proceed.

Warren has raised concerns about the deal before. In February, she urged Treasury Secretary Scott Bessent to determine whether the transaction warranted a CFIUS review.

Separately, she questioned the OCC Comptroller at a hearing about whether World Liberty Financial had disclosed Sheikh Tahnoon’s company as a principal shareholder in its pending bank charter application. The Comptroller declined to comment on the specifics of any pending application.