Senator Elizabeth Warren (D-MA) is calling for urgent congressional hearings following a Wall Street Journal investigation that revealed a secret deal between the United Arab Emirates' top intelligence official and a Trump-era cryptocurrency company. The report details that an entity backed by Sheikh Tahnoon bin Zayed Al Nahyan—the UAE's national security adviser and deputy ruler of Abu Dhabi—quietly purchased a 49% stake in World Liberty Financial for $500 million just days before Donald Trump's inauguration last year.
The deal, signed by Eric Trump, reportedly funneled $187 million directly to Trump family entities. An additional $31 million was directed to entities tied to Steve Witkoff, a Trump ally and co-founder of World Liberty Financial who had recently been appointed as a Middle East envoy. Another $31 million reportedly went to an entity linked to other company co-founders, Zak Folkman and Chase Herro. The first installment of the investment was $250 million, with the remaining $250 million scheduled to be paid by July 15, 2025.
Senator Warren, the ranking member of the Senate Banking Committee, issued a strong statement labeling the arrangement "corruption, plain and simple." She demanded the Trump Administration reverse its subsequent decision to approve the sale of advanced U.S. AI chips to the UAE—technology the Biden administration had restricted due to national security concerns tied to Tahnoon's AI firm, G42. Warren called for Witkoff and other officials, including Secretary of Commerce Howard Lutnick, to testify before Congress regarding "mounting evidence that they sold out American national security in order to benefit the President’s crypto company."
In response, a White House spokeswoman stated, "President Trump only acts in the best interests of the American public," noting his assets are in a trust managed by his children and that there are "no conflicts of interest." White House counsel David Warrington added that the President has no involvement in business deals implicating his constitutional duties and that Witkoff has "divested from World Liberty Financial." A spokesperson for World Liberty Financial stated the investment was for company growth and that Donald Trump and Steve Witkoff played no role in the deal.
The revelation adds to previous calls from Warren and Rep. Elissa Slotkin (D-MI) for an investigation into whether Trump, his family, and senior officials profited from foreign crypto deals linked to U.S. tech access. Sheikh Tahnoon also heads the Abu Dhabi Investment Authority, which manages approximately $1 trillion in assets.
