$500M Trump Crypto Sale to UAE Royal Sparks Ethics and Policy Concerns

A new Wall Street Journal investigation raises questions about a $500 million crypto deal involving Donald Trump and a senior member of the United Arab Emirates royal family. According to the report, entities linked to Trump sold nearly half of the Trump family’s crypto venture just days before his second inauguration, a transaction that was not publicly disclosed at the time. Lawmakers and ethics experts are now examining whether the deal created conflicts of interest connected to later U.S. policy decisions.

Trump-Linked WLFI Crypto Sale Split Millions Among Insiders

The agreement centered on World Liberty Financial (WLFI), a cryptocurrency company tied to Trump’s business network. The deal was finalized four days before Trump began his second term. Its buyer was Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and a key overseer of the country’s investment holdings. The purchase was executed through an Abu Dhabi–based investment vehicle called Aryam Investment 1.

Under the terms of the agreement, Aryam Investment 1 acquired a 49% stake in WLFI for $500 million. Half of that amount—$250 million—was paid upfront. Financial records reviewed by the Journal show that approximately $187 million of the initial payment was routed directly to two Trump-linked entities: DT Marks DEFI LLC and DT Marks SC LLC.

The remaining funds were distributed among other project participants. About $31 million went to companies associated with the family of Steve Witkoff, a real estate developer who co-founded the venture and was later appointed U.S. special envoy to the Middle East. Another $31 million was paid to the project’s other co-founders, Zak Folkman and Chase Herro.

WLFI’s $500M UAE Deal Raises Conflict Concerns

The transaction included the following elements:

• A $500 million valuation for WLFI.
• A 49% ownership stake sold to a foreign investment vehicle.
• $250 million paid upfront through private crypto-linked entities.
• The largest share of initial proceeds flowing to Trump-related companies.

Two senior executives from Aryam Investment joined WLFI’s five-member board. Both hold leadership roles at G42, a major artificial intelligence firm controlled by Sheikh Tahnoon. Alongside Eric Trump and Zach Witkoff, their appointments gave the UAE-linked investor direct influence over the company’s operations.

Since the transaction, WLFI has applied for a national trust bank charter, which would place it under federal oversight. Meanwhile, Trump-affiliated businesses continue to expand in the cryptocurrency sector, including ventures such as American Bitcoin, a crypto-mining firm, and ongoing revenue streams tied to $Trump meme coins and other digital assets.

Lawmakers Question AI Chip Exports Following Trump-Linked Crypto Investment

Scrutiny intensified following later developments in U.S. artificial intelligence policy. During President Joe Biden’s administration, exports of advanced U.S.-made AI chips were sharply restricted over concerns they could reach China. After Trump returned to office—and shortly after the UAE investment became public—the U.S. approved a deal allowing the UAE to purchase roughly 500,000 advanced AI chips annually.

Analysts say that quantity could support one of the world’s largest AI data-center networks. Reports indicate that about 20% of those chips were allocated to G42, the same company overseen by Sheikh Tahnoon.

The sequence of events has drawn criticism from lawmakers. Senator Elizabeth Warren and others have called for formal investigations into whether the crypto deal influenced U.S. policy decisions. Ethics experts argue that linking a sitting president’s personal financial interests to those of a foreign official poses a significant conflict of interest.

Democrats on the House Oversight Committee echoed these concerns in a report titled Professionalized Corruption. The report alleges that the Trump family used digital-asset structures to accept what it characterizes as “backdoor bribery,” arguing that crypto-based payments obscure who paid whom—and for what purpose.