Five Democratic senators have called for urgent hearings on World Liberty Financial, a crypto company backed by the Trump family. The request follows reports that individuals linked to a member of the UAE royal family bought a $500 million stake in the project shortly before the president’s inauguration.
The senators sent a letter on June 23 to the Republican chairs of five Senate committees. They are demanding that Trump administration officials testify under oath about what they knew regarding the reported payments.
Democrats Demand Hearings On UAE Investment
The letter was signed by five senior Democratic senators: Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden. It was addressed to the Republican chairs of the Senate Banking, Finance, Judiciary, Homeland Security, and Investigations committees.
The senators cited a Wall Street Journal report claiming that Abu Dhabi-based Aryam Investment purchased a 49% stake in World Liberty Financial for about $500 million. The deal reportedly took place four days before the U.S. presidential inauguration in January 2025.
Aryam Investment is controlled by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE’s national security adviser and a key figure overseeing some of the country’s largest investment vehicles. According to the Wall Street Journal, about $187 million went to entities associated with the Trump family, while around $31 million went to entities linked to the Witkoff family.
The senators argue that the investment should be examined alongside later government decisions involving the UAE. According to the letter, the administration approved a $1.4 billion arms sale to the UAE several months after the reported deal.
They also pointed to the approval of UAE-based company G42’s access to 35,000 advanced American AI chips. The senators said the approval was granted despite national security warnings.
In addition, the lawmakers cited broader steps that they say weakened oversight of the crypto industry, including the closure of a Justice Department unit focused on investigating cryptocurrency-related crimes.
“The entire chain of events raises serious concerns and questions for us: perhaps the UAE authorities have already received or will receive even more—to the detriment of U.S. national security, after investing in the Trump family’s crypto company,” the letter said.
White House Denies Allegations Amid Scrutiny
World Liberty Financial has previously denied similar claims. A company spokesperson said Donald Trump and Steve Witkoff were not involved in the deal and have had no connection to the company’s operations since the president took office.
The White House has also rejected conflict-of-interest concerns, saying the president’s assets were transferred to a trust managed by his children. According to the administration, this arrangement eliminates any conflict of interest.
This is not the first time Democratic senators have raised concerns about the deal. In February, Warren and Senator Andy Kim sent a letter to Treasury Secretary Scott Bessent seeking information about the same transaction.
Warren has repeatedly criticized Trump-linked crypto projects involving the UAE. She has argued that the administration’s artificial intelligence and cryptocurrency ties with Gulf states could pose national security risks.
