Five top US Senate Democrats pressed Republican committee chairs for immediate hearings on a $500mn investment in the Trump family's cryptocurrency venture by a group led by a senior Emirati royal.
US Senate Democrats Demand Hearings on $500mn Trump Family Crypto Deal
24 June 2026 - 04:27 CEST
In a 23 Jun letter, the senators sought hearings on the Trump-affiliated DeFi project World Liberty Financial. Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin and Ron Wyden are the ranking Democrats on five Senate committees, including banking, judiciary and finance. They cited national security concerns over US policy on the United Arab Emirates (UAE) following the deal.
Quid pro quo concerns
"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 US national security after investing in the Trump family crypto company," the senators wrote. They demanded that administration officials testify under oath about what they knew, and when, about the payments.
A vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser, secretly bought a 49% stake in the venture for $500mn four days before President Donald Trump's inauguration, the Wall Street Journal reported in February. Documents reviewed by the newspaper showed $187mn was paid upfront to Trump family entities and $31mn to the family of Steve Witkoff, a co-founder and now US special envoy to the Middle East.
Four months after the transaction, the Trump administration approved sales of advanced AI chips to the UAE, reversing restrictions imposed by the Biden administration.
White House cites trust
White House spokeswoman Anna Kelly said Trump's businesses are held in a trust managed by his children. She said the AI chip access was decided on what was best for the US and had no link to World Liberty Financial.
