Senate Democrats Urge Hearings on UAE Stake in Trump Crypto Firm

Senate Democrats sent a letter on Tuesday asking Republican leaders to hold immediate hearings into a reported $500 million Abu Dhabi investment in World Liberty Financial and any influence it may have had on White House decisions.

The senators say the investment involved an Abu Dhabi vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan acquiring a 49% stake in World Liberty. The agreement was signed by Eric Trump four days before President Trump's January 2025 inauguration. Half of the $500 million stake was paid upfront. The letter says $187 million of the upfront payment went to entities controlled by the Trump family and at least $31 million went to entities affiliated with the family of Steve Witkoff. Zach Witkoff is listed as World Liberty's chief executive.

The letter cited a later Trump administration framework that offered U.S. chips access to the United Arab Emirates and said that sequence of events raises national security concerns. The senators wrote, “We are deeply concerned about this series of events, which raise questions about what more the UAE may receive – or may have already received – at the expense of U.S. national security after investing in the Trump family crypto company.” They added, “Congress has a responsibility to investigate the details of the reported investment and whether it influenced subsequent actions by President Trump and the Trump Administration.”

The letter was signed by Senators Elizabeth Warren, Gary Peters, Ron Wyden, Dick Durbin and Richard Blumenthal. It asks that hearings be scheduled “immediately” but does not name a committee or set a timeline, leaving logistics to Republican leadership.

President Trump has denied awareness of the $500 million investment and said he is not directly involved in World Liberty's day-to-day operations. World Liberty has sought a federal banking charter. Public disclosures and prior reporting indicate the Trump family has received more than $1 billion from crypto-related ventures.

Earlier this year, some senators asked Treasury Secretary Scott Bessent to consider whether the investment warranted a national security review. In the House, Representative Ro Khanna opened a separate inquiry. Congress is also debating a cryptocurrency bill known informally as the Clarity Act; several Democratic lawmakers have said they will withhold support unless the legislation includes ethics provisions addressing potential conflicts tied to financial connections to crypto firms.

Republican leaders in the House and Senate control the schedule and must decide whether to hold the hearings requested by the senators.