TLDR
- Senators demand probe into Trump family’s ties to World Liberty Financial.
- Concerns raised over national security with AI chip exports to UAE.
- Eric Trump defends family’s crypto ventures during CNBC interview.
- House and Senate work on crypto market structure legislation amid probe.
Democratic Senators Elizabeth Warren and Elissa Slotkin are urging an investigation into President Donald Trump, his family, and top administration officials regarding potential ethics violations tied to World Liberty Financial (WLF). The senators raised concerns over possible conflicts of interest involving key figures in the Trump administration and their connections to the United Arab Emirates (UAE).
The letter, sent to the acting inspector generals of the Commerce Department, Office of Government Ethics, and the State Department, aims to examine whether these individuals improperly benefited from government decisions.
Concerns Over National Security and Business Dealings
The request for an investigation follows a report from The New York Times revealing the Trump administration’s involvement in two rapid-fire deals related to WLF. The deals included approving the export of U.S. artificial intelligence (AI) chips to the UAE, a move Warren and Slotkin describe as involving “sensitive national security technology.” These revelations focus on the roles of White House AI and Crypto Czar David Sacks and U.S. Special Envoy to the Middle East Steve Witkoff, whose son Zach Witkoff serves as CEO of WLF.
The New York Times article outlined how the UAE-founded investment firm MGX invested $2 billion into crypto exchange Binance using WLF’s newly launched USD1 stablecoin. The deal was finalized shortly before the Trump administration authorized the UAE to access advanced AI chips, a key component in the global AI race. The senators argue that these transactions raise significant national security concerns while potentially enriching Sacks and Witkoff.
Family Defends Business Ventures Amid Scrutiny
Meanwhile, Eric Trump, son of the president, defended the Trump family’s involvement in the cryptocurrency space during a CNBC interview. He dismissed concerns, stating that the family’s crypto ventures were born out of necessity due to being “debanked by everybody.” Eric Trump emphasized that, unlike others, his father had not personally profited from the presidency, and that their businesses had always operated with a “serial capitalist” mindset.
Warren and Slotkin, however, are focusing on the alleged enrichment of Witkoff and Sacks. In their letter, they highlighted the troubling nature of these transactions, suggesting that both individuals were in positions to influence government decisions to their benefit. The senators have expressed concerns that the deals could undermine trust in government leadership while posing risks to national security.
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