Democratic Senators are escalating calls for a comprehensive investigation into potential ethics violations by former Trump administration officials. This renewed scrutiny centers on a $2 billion investment from a United Arab Emirates (UAE) entity into World Liberty Financial, a cryptocurrency venture linked to the Trump family, raising significant concerns about conflicts of interest and national security.
Unpacking the Intertwined Transactions
At the heart of the demanded probe are two interconnected deals involving key figures from the Trump administration. Senators Elizabeth Warren and Elissa Slotkin specifically urged the inspectors general of the Commerce and State Departments to examine transactions that allegedly enriched President Trump's family while sparking national security fears within the White House. The investigation particularly targets former Trump adviser Steve Witkoff, who transitioned from the State Department to a White House role. Witkoff reportedly advocated for the US to allow the UAE to import American-designed artificial intelligence computer chips, concurrently with a government-backed Emirati firm injecting $2 billion into World Liberty Financial – a crypto company co-founded by Witkoff’s relatives and the Trump family. This pattern is deemed "deeply troubling" by the senators, especially given the UAE's ties to China, which could compromise US security interests. Concerns also extend to David Sacks, the White House’s "AI and crypto czar," for his participation in chip discussions despite potential conflicts.
Continuous Oversight and Financial Stakes
This latest push for an investigation underscores ongoing congressional efforts to scrutinize the Trump family's involvement in cryptocurrency ventures. The Trump family maintains a significant financial interest in World Liberty Financial, controlling 75% of its net token sale revenues and 60% of future business operations, with potential earnings reaching hundreds of millions. Senator Warren has consistently raised alarms about the project, including previous requests for SEC records concerning WLFI and questioning Sacks's crypto holdings. Furthermore, these concerns have inspired legislative action, such as Democratic Congressman Adam Schiff’s proposed COIN Act, which aims to prohibit presidents and executive officials from issuing or promoting specific cryptocurrencies while in office. Despite reducing its stake, the Trump family has reportedly garnered $57 million in profits from World Liberty Financial, fueling the demand for transparency and accountability.
