Senate Democrats Demand Probe Into Trump Family’s Reported $500M UAE Crypto Deal

Senate Democrats are seeking hearings into a reported $500 million crypto deal from the UAE in the Trump-linked firm World Liberty Financial.

A group of Senate Democrats has called for immediate hearings into a reported $500 million investment tied to the Trump family’s crypto business. The lawmakers called on Senate Republicans to look into the possibility that the deal “affected the United States government’s decision making process” on the UAE. They also asked for sworn testimony from Trump administration officials about the transaction and any policy changes.

Democrats Push for Immediate Hearings

The request came in a letter sent on Tuesday by several senior Democratic senators. Senator Elizabeth Warren, Senator Richard Blumenthal, Senator Gary Peters, Senator Dick Durbin and Senator Ron Wyden were all part of the group. They asked Republican committee leaders to look at the reported transaction as soon as possible.

The lawmakers say that investors associated with Abu Dhabi secretly acquired a 49% stake in World Liberty Financial. The agreement reportedly was struck 4 days before Donald Trump’s January 2025 inauguration. The crypto company was estimated to be worth approximately $500 million.

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In addition, the senators reported that about $218 million of the upfront payment was used for entities linked to the Trump family and Middle East envoy Steve Witkoff, they said. Other reports indicated that approximately $187 million went to Trump-related entities.

The investment is said to have been made via an investment vehicle called Aryam Investment 1, which is based in Abu Dhabi. Sheikh Tahnoon bin Zayed Al Nahyan, a member of the UAE’s ruling family and national security adviser, was also reportedly involved in the deal.

The Democrats raised serious questions about the transaction. However, the lawmakers said the deal was unusual. Moreover, they said a foreign government-linked investor took a large stake in a company linked to an incoming U.S. president.

Lawmakers Cite National Security Concerns

The senators also cited a number of policy decisions taken following the reported investment. They noted that the Trump administration approved $1.4 billion in arms sales to the UAE within months of the deal.

In addition, the administration reportedly approved the sale of 35,000 advanced AI chips to UAE-based company G42. The approval was made despite earlier concerns about the export of advanced technology to the nation, lawmakers said.

Moreover, the senators highlighted actions involving cryptocurrency regulation. They said the administration is said to have disbanded the Justice Department’s National Cryptocurrency Enforcement Team. The lawmakers said this added to concerns about policy decisions and the investment.

The letter also mentioned UAE-backed investment firm MGX and its alleged investment in TikTok. Democrats pointed out that Trump had said American investors and companies should own the platform.

As a result, the lawmakers want administration officials to explain what they knew about the payments and when they learned about them. They said officials should answer these questions under oath during public hearings.

The senators concluded that Congress must investigate whether the reported investment influenced government actions. They said there should be more transparency to keep the public trust and that national interests should be foremost.

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