Two Democratic senators are stepping up to the plate. Elizabeth Warren and Andy Kim call for 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.
In brief
- Senators Elizabeth Warren and Andy Kim are demanding a thorough review of the UAE's $500 million stake in WLFI.
- G42, a company linked to the Emirati national security adviser, now owns 49% of the Trump family's crypto project.
- CFIUS is called upon to investigate national security risks, including access to users' personal data.
- The deal gives two board seats to G42, a company suspected of ties to the Chinese military.
Massive investment from Abu Dhabi in Trump crypto project embarrasses Washington
The Democrats are not giving up. Warren and Kim sent a scathing letter to Treasury Secretary Scott Bessent. Their target: the agreement concluded a few days before Trump's inauguration in January 2025.
G42, a company backed by Sheikh Tahnoon bin Zayed Al Nahyan, has acquired 49% of World Liberty Financial. This colossal amount raises red flags on Capitol Hill.
The Wall Street Journal brought the matter to light last month. The deal included an initial payment of $250 million. The transaction was carried out by Aryam Investment 1 and bears the signature of Eric Trump.
Of this sum, 187 million was to fall directly into the pockets of entities linked to the Trump family. At least 31 million were intended for the companies of Steve Witkoff, Trump's special envoy to the Middle East.
The president has denied any knowledge of this investment. “ My sons take care of it, my family takes care of it… I already have enough to do with Iran, Russia and Ukraine “, he said. However, this defense does not convince anyone in Congress. Democrats see this transaction as a major conflict of interest that could compromise American foreign policy.
Chinese links that worry intelligence services
Warren and Kim want CFIUS to look into the file. This interministerial committee examines foreign investments likely to threaten national security. And there is no shortage of reasons to worry.
G42 has been accused by US intelligence services of providing technology to the Chinese military. The company is said to have developed a surveillance application disguised as messaging.
G42's ties to Huawei and the Beijing Institute of Genomics fuel fears. Certainly, the company claims to have disengaged from Chinese companies since the beginning of 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 this data?
The matter takes on an even more disturbing dimension with the issue of AI chips. Rep. Ro Khanna launched his own investigation, questioning how that investment influenced the deal granting the UAE access to 500,000 advanced AI chips per year.
This investigation echoes broader criticism of the SEC under Paul Atkins, accused of turning a blind eye to crypto scandals linked to Trump's entourage.
Bessent was questioned aggressively during a hearing before the Financial Services Committee. He was asked to suspend a banking license application linked to WLFI. Democrats have given the Treasury secretary until March to respond. Time is running out.
This affair illustrates the gray areas of the mix between family business and presidential function. Investigations are increasing. Pressure is mounting on the Trump administration. The WLFI file could well become the symbol of contested governance where private interests and public responsibilities become dangerously intertwined.
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