Several Democratic Senators are urging investigations into possible ethical misconduct by individuals linked to the previous Trump administration. The focus is on their connection to World Liberty Financial, a firm reportedly backed by $2 billion in funding from the United Arab Emirates (UAE).
Senators Elizabeth Warren and Elissa Slotkin penned
a letter dated September 23
requesting that the internal watchdogs at both the Commerce and State Departments scrutinize whether any officials violated ethical guidelines. The concern revolves around deals that allegedly benefited President Trump’s family and generated national security apprehensions among White House personnel.
Key Areas of Inquiry
The core of the inquiry is centered on transactions involving Steve Witkoff, an advisor with ties to Trump, who spent six months employed by the State Department before transitioning to a role within the White House. Two interconnected agreements, both revealed in May, are under particular scrutiny.
The first involves a proposed U.S. initiative to authorize the UAE to import American-developed AI chips. Concurrently, the second deal concerns an Emirati company, supported by government funds, investing $2 billion in World Liberty Financial, a cryptocurrency venture reportedly affiliated with the Trump family and relatives of Witkoff.
In their communication to the acting inspectors general, Senators Warren and Slotkin expressed that “the pattern exhibited by these transactions is profoundly alarming.”
The Senators highlighted that Witkoff championed the export of computer chips to the UAE. Simultaneously, his family’s business secured the considerable cryptocurrency investment, despite underlying national security anxieties regarding the UAE’s connections to China potentially jeopardizing sensitive data.
While the investigation didn’t uncover direct evidence of explicit quid pro quo arrangements, it revealed previously unknown intersections within the deals.
The letter also voiced concerns about David Sacks, the White House’s designated “AI and crypto czar,” potentially participating in discussions about the chips, despite worries voiced by his colleagues regarding possible conflicts of interest.
This latest call for investigation reinforces
a prior letter from September 17
, wherein Warren, alongside seven other Democratic lawmakers, pressed Sacks to clarify whether he had exceeded the time limit of his temporary appointment under the Trump administration.
Ongoing Congressional Oversight
This investigation marks the latest endeavor by Democrats to examine Trump’s cryptocurrency-related business dealings. The Trump family reportedly retains a 75% stake in the net token sale revenues generated by World Liberty Financial and 60% of the company’s future business operations, potentially yielding $400 million in fees.
Warren and Representative Maxine Waters previously requested records pertaining to World Liberty Financial from the Securities and Exchange Commission (SEC)
back in April
, seeking data regarding potential conflicts of interest arising from the Trump family’s involvement in the DeFi (Decentralized Finance) project.
Warren has consistently voiced apprehension regarding this project, including questioning Sacks about his personal crypto holdings prior to his appointment in the administration.
In June, Democratic Congressman Adam Schiff proposed the COIN Act, aimed at prohibiting presidents and other executive branch officials from endorsing or promoting specific cryptocurrencies while holding office.
The Trump family has reportedly
reduced their ownership
in World Liberty Financial by 20%, while allegedly earning $57 million in profits solely from this venture.