Democratic Senators Elizabeth Warren and Elissa Slotkin have called for investigations into potential ethics violations by Trump administration officials in connection to World Liberty Financial and its $2 billion funding from the UAE. The senators have raised concerns about transactions that allegedly enriched President Trump’s family and raised national security concerns within the White House staff.
In a letter dated Sept. 23, Warren and Slotkin requested that the inspectors general of the Commerce and State Departments examine whether officials violated ethics rules in deals involving Trump adviser Steve Witkoff. Witkoff, who previously worked at the State Department before transferring to a White House position, was involved in two interconnected deals announced in May.
The first deal involved a plan to allow the UAE to import American-designed artificial intelligence computer chips, while the second deal involved a government-backed Emirati firm investing $2 billion in World Liberty Financial, a crypto company created by the Trump family and Witkoff’s relatives. The senators expressed deep concerns about the pattern of these transactions and the potential national security implications.
The investigation also focuses on David Sacks, the White House’s “AI and crypto czar,” who participated in discussions about the chip exports despite concerns about conflicts of interest. Warren and Slotkin have questioned whether Sacks exceeded the time frame of Trump’s temporary appointment, adding another layer to the ongoing scrutiny of the administration’s crypto ventures.
This probe is just the latest in a series of Democratic efforts to examine Trump’s involvement in World Liberty Financial. The Trump family reportedly controls a large portion of the company’s revenues and future operations, potentially generating significant profits. Warren and Representative Maxine Waters previously requested records from the SEC regarding potential conflicts arising from the Trump family’s ties to the DeFi project.
In response to these concerns, Democratic Congressman Adam Schiff introduced the COIN Act in June, aiming to restrict presidents and executive officials from endorsing specific cryptocurrencies while in office. Despite reducing their stake in World Liberty Financial, the Trump family has reportedly earned millions in profits from the venture.
The ongoing investigation and congressional scrutiny highlight the complex ethical and national security issues surrounding the Trump administration’s involvement in the crypto industry. As the investigation unfolds, it will be crucial to ensure transparency and accountability in government dealings related to cryptocurrency projects.