Five Senate Democrats on Tuesday urged Republican committee chairs to open immediate hearings into a reported $500 million United Arab Emirates investment in the Trump family's cryptocurrency venture World Liberty Financial. The lawmakers cited reporting that lieutenants to an Abu Dhabi royal secretly signed a deal four days before Trump's inauguration to buy a 49% stake for half a billion dollars, with foreign buyers reportedly paying $218 million up front to entities tied to the families of President Donald Trump and his lead Middle East diplomat Steve Witkoff. The senators warned the deal may have shaped national security decisions by the Trump administration and called the arrangement unprecedented in American politics, marking the first time a foreign government official took a major ownership stake in an incoming U.S. president's company.
UAE Investment Preceded Arms and Chip Sales
The letter went to Finance Chairman Mike Crapo, Judiciary Chairman Chuck Grassley, Permanent Subcommittee on Investigations Chairman Ron Johnson, Homeland Security Chairman Rand Paul, and Banking Chairman Tim Scott. Senator Elizabeth Warren, the Banking Committee's ranking member, signed it alongside Richard Blumenthal, Gary Peters, Richard Durbin, and Ron Wyden. The senators identified the backer as Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's National Security Advisor. World Liberty Financial was founded by Trump, his sons, and Witkoff's sons Zach and Alex.
Since Trump took office in January 2025, the administration approved a string of deals benefiting the UAE. In May 2025, it cleared $1.4 billion in arms sales to the country despite lawmakers' concerns tied to human rights abuses in Sudan. In November 2025, it authorized the sale of 35,000 advanced AI chips worth over a billion dollars to the UAE's G42 firm, over national security officials' warnings that China could gain access. The senators also flagged a January 2026 transaction in which UAE-backed MGX bought a stake in TikTok at what they called a bargain price, despite Trump's pledge it would be owned by American companies. The senators added that the stake compounded earlier concerns over an investment by MGX that lifted the market capitalization of the Trump family's stablecoin by almost $2 billion overnight.
Senate Democrats Request Sworn Testimony on Payments
The lawmakers tied the investment to broader administration moves on crypto, including steps exempting digital assets and their service providers from existing financial regulations and the disbanding of the Justice Department's National Cryptocurrency Enforcement Team. They wrote that administration officials must explain under oath what they knew about payments to the families of the president and Witkoff, and when.
The request adds to a sustained campaign by Warren against the family's crypto holdings. In March 2026, she and Blumenthal pressed the SEC over the resignation of its enforcement chief, alleging political appointees shielded Trump-linked firms from enforcement. In November 2025, Warren and Senator Jack Reed asked the Justice Department and Treasury to investigate alleged WLFI token sales to sanctioned actors. In June 2026, she joined Bernie Sanders in urging the Labor Department to drop a rule easing crypto's inclusion in 401(k) plans.
FAQ
What did Senate Democrats request on Tuesday regarding the Trump family's crypto venture?
Five Senate Democrats on Tuesday urged Republican committee chairs to open immediate hearings into a reported $500 million United Arab Emirates investment in World Liberty Financial. The lawmakers cited reporting that lieutenants to an Abu Dhabi royal secretly signed a deal four days before Trump's inauguration to buy a 49% stake, with foreign buyers reportedly paying $218 million up front to entities tied to the families of President Donald Trump and Steve Witkoff.
Which UAE official was identified as the backer of the World Liberty Financial investment?
The senators identified Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's National Security Advisor, as the backer. The senators called the arrangement unprecedented in American politics, marking the first time a foreign government official took a major ownership stake in an incoming U.S. president's company.
What administration deals benefiting the UAE followed the World Liberty Financial investment?
Since Trump took office in January 2025, the administration cleared $1.4 billion in arms sales to the UAE in May 2025 and authorized the sale of 35,000 advanced AI chips worth over a billion dollars to the UAE's G42 firm in November 2025. In January 2026, UAE-backed MGX bought a stake in TikTok at what the senators called a bargain price.
