Senate Democrats, including Elizabeth Warren and Andy Kim, have called on Treasury Secretary Scott Bessent to launch a Committee on Foreign Investment in the United States (CFIUS) probe into a $500 million stake acquired by a United Arab Emirates (UAE) royal in the Trump family's cryptocurrency company, World Liberty Financial. The senators sent a letter to Bessent, who chairs CFIUS, requesting an investigation into the 49% stake purchased by an entity backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and a prominent royal.
The investment deal, reportedly signed just four days before Donald Trump's inauguration in January 2025, raised concerns among Democrats about potential national security implications. They highlighted that CFIUS has a mandate to address risks from foreign investments, especially those that could provide foreign governments like the UAE or China access to critical technology or sensitive personal data of U.S. citizens. World Liberty Financial, co-founded by Steve Witkoff (now a U.S. envoy to the Middle East), collects sensitive personal information, which the senators fear could be exploited.
Adding to the controversy, months after the investment, the Trump administration approved the sale of advanced artificial intelligence chips to the UAE. This move prompted allegations of a potential "pay-for-play" scenario, with some senators, such as Chris Murphy and Chris Van Hollen, alleging "mind-blowing corruption" and suggesting that foreign countries are influencing the U.S. president. U.S. intelligence has previously warned that G42, a company backed by Sheikh Tahnoon, may have provided technology to assist China's military, further intensifying the scrutiny.
Of the initial $250 million payment from the Tahnoon-backed company, Aryam Investment 1, $187 million was directed to Trump family entities, DT Marks DEFI LLC and DT Marks SC LLC. An additional $31 million went to entities associated with World Liberty co-founders Zak Folkman and Chase Herro, and another $31 million was slated for entities affiliated with the Witkoff family. The senators have requested a response by March 5 regarding CFIUS's review of the deal and any recommendations made to President Trump. Separately, Senator Warren plans to ask the Senate to condemn and reverse the sale of 500,000 advanced AI chips to the UAE annually, including the most advanced silicon from Nvidia.
The White House, through spokeswoman Anna Kelly, has maintained that President Trump "only acts in the best interests of the American public" and stated that no conflict of interest exists because the president's assets are held in a blind trust managed by his children. However, this assertion is met with skepticism by critics who point out that a true blind trust typically involves an independent trustee. The reported $2 billion investment by Sheikh Tahnoon's MGX in the crypto exchange Binance, financed by a digital token minted by World Liberty Financial, further complicates the situation and raises questions about potential financial gains and influence.
