President Donald Trump has publicly distanced himself from the day-to-day operations of World Liberty Financial, the cryptocurrency venture he co-owns, saying his sons run the company and that he knows 'nothing' about its financial dealings. In a November 8 interview with CBS News, Trump acknowledged his ownership but defended his decision not to divest, arguing that he could not ask his sons to stop doing business for four years while he serves as president.
The interview aired amid mounting scrutiny of the Trump family crypto business, particularly a reported $500 million investment linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan. An investment vehicle connected to Tahnoon reportedly acquired a 49% stake in World Liberty Financial shortly before Trump's January 2025 inauguration. Trump said he was unaware of the transaction. When asked about potential corruption concerns, he replied: 'Because I know nothing about it.'
World Liberty Financial launched in September 2024, naming Trump as its 'Chief Crypto Advocate,' while Donald Trump Jr. and Eric Trump were listed as 'Web3 Ambassadors' and Barron Trump as 'Chief DeFi Visionary.' The project has drawn additional attention because its proposed banking entity, WLTC Holdings, received preliminary conditional approval from the Office of the Comptroller of the Currency on August 14 to issue and redeem the USD1 stablecoin, manage reserves, and provide institutional custody services. Final authorization remains subject to capital and operational conditions.
Separate ownership filings show Sheikh Tahnoon and other investors control 49% of WLTC Holdings, while a Trump family-affiliated entity reportedly holds another 38%. Democrats are preparing investigations after winning both chambers of Congress in the November midterms. Representative Robert Garcia, expected to lead the House Oversight Committee, has indicated that Trump family businesses and crypto transactions will be examined. Senator Elizabeth Warren has questioned the company's foreign investments and its relationships with financial institutions and crypto exchanges.
The stablecoin has also been linked to a $2 billion investment by Abu Dhabi-backed MGX into Binance in 2025. Meanwhile, Tron founder Justin Sun sought court sanctions against World Liberty Financial and its lawyers on November 3, alleging that the company failed to disclose UAE-linked entities in its ownership chain until months into their legal dispute. Sun has said he invested $45 million in WLFI tokens and sued in April over an alleged freezing of his tokens. Public Citizen estimated in August that investors across Trump-linked crypto products were at least $4.7 billion underwater, with at least $1 billion of those losses tied to WLFI.
