Crypto: Senators Demand an Investigation into Emirati Participation in WLFI

Two Democratic senators step up. Elizabeth Warren and Andy Kim demand a thorough investigation into Abu Dhabi’s massive investment in World Liberty Financial. This foreign participation in the Trump family’s crypto business raises disturbing national security questions.

A massive investment from Abu Dhabi in Trump’s crypto project embarrasses Washington

The Democrats won’t back down. Warren and Kim sent a sharp letter to Scott Bessent, Treasury Secretary. Their target: the deal signed just days before Trump’s inauguration in January 2025.

G42, a company backed by Sheikh Tahnoon bin Zayed Al Nahyan, took control of 49% of World Liberty Financial. This colossal amount raises red flags on Capitol Hill.

The Wall Street Journal exposed the deal last month. The agreement included an initial payment of $250 million. The transaction went through Aryam Investment 1 and bears Eric Trump’s signature. 

Of that sum, $187 million was supposed to go directly into the pockets of entities linked to the Trump family. At least $31 million was intended for Steve Witkoff’s companies, Trump’s special envoy to the Middle East.

The president denied any knowledge of this investment. “My sons are handling it, my family is handling it… I already have enough to do with Iran, Russia, and Ukraine,” he said. However, this defense convinces no one in Congress. Democrats see this transaction as a major conflict of interest that could compromise U.S. foreign policy.

Chinese links worry intelligence services

Warren and Kim want CFIUS to examine the case. This interagency committee reviews foreign investments that may threaten national security. And there are plenty of reasons for concern.

G42 has been accused by U.S. intelligence of providing technology to the Chinese military. The company allegedly developed a surveillance app disguised as messaging software.

G42’s ties to Huawei and the Beijing Genomics Institute fuel the fears. Admittedly, the company claims to have disengaged from Chinese firms since early 2024. 

However, the damage is done. The senators point out that WLFI collects personal information from its users. Could the United Arab Emirates or China access these data?

The case becomes even more troubling with the AI chips dossier. Representative Ro Khanna launched his own investigation, questioning the influence of this investment in the agreement granting the UAE access to 500,000 advanced AI chips per year.

This investigation echoes broader criticisms against the SEC under Paul Atkins, accused of turning a blind eye to crypto scandals linked to Trump’s circle.

Bessent was aggressively questioned during a hearing before the Financial Services Committee. He was asked to suspend a bank license application related to WLFI. Democrats gave the Treasury Secretary until March to respond. Time is running out.

This case illustrates the gray areas between family business and presidential function. Investigations are multiplying. Pressure is mounting on the Trump administration. The WLFI dossier could well become a symbol of contested governance where private interests and public responsibilities dangerously intertwine.