A group of the U.S. Senate Democrats has sent an open letter to Republican Senate leadership demanding hearings on the Trump family crypto project World Liberty Financial’s deal with an Abu Dhabi investment firm.
The letter was signed by Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden. Democrats are demanding that administration officials testify under oath about the possible influence of the investment on presidential decisions.
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Republicans control the Senate 53-45 and the House 218-212, so Democrats cannot hold hearings unilaterally.
Contents
Trump’s Deal Details: $500M and 49% of World Liberty Financial
According to a Wall Street Journal investigation, in January 2025, an investment vehicle linked to Sheikh Tahnoon bin Zayed Al Nahyan–the UAE’s national security advisor–acquired 49% of World Liberty Financial.
The deal was valued at $500M. Of that, $187M went directly to Trump family-controlled entities, and at least another $31M went to affiliates of Steve Witkoff’s family. Witkoff is a World Liberty Financial co-founder who was later appointed US special envoy to the Middle East.
The deal was signed by Eric Trump four days before his father’s inauguration in January 2025. Donald Trump has said he was unaware of the deal since his family handled it.
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Fallout: Arms Deals, AI Chips, and Weakened Crypto Oversight
Months after the investment, in May 2025, the Trump administration signed a $1.45B contract with the UAE for CH-47F Chinook helicopters and F-16 maintenance. In November 2025, the US approved exporting AI chips to UAE-based G42, despite export restrictions. According to WSJ, that deal raised concerns that China could gain access to the technology.
The senators also noted that the administration shut down the Justice Department’s crypto crime unit, a move Democrats have criticized as a possible weakening of oversight over the president’s crypto business. In February 2026, Warren had already demanded Treasury Secretary Scott Bessent assess the UAE deal’s national security implications.
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World Liberty Financial and Conflicts of Interest
World Liberty Financial is a crypto project tied to the Trump family. The president and his sons are listed as co-founders. According to the project’s “gold paper,“ 75% of WLFI▲$0.0578 token sale revenue goes to a Trump-controlled entity. Earlier reports said the Trump family has earned more than $2.3B from its crypto ventures.
Meanwhile, World Liberty Financial is close to obtaining a federal national trust bank charter from the OCC, which would allow it to issue the USD1▼$0.9991 stablecoin without intermediaries.
The World Liberty Financial scandal adds a new layer of uncertainty to US crypto regulation. If Democrats succeed in pushing for hearings, it could slow the CLARITY Act and other pro-crypto initiatives. If Republicans refuse hearings, it could intensify political pressure and undermine trust in the regulatory easing that many in the industry view as positive.
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