Washington, June 24: Democratic lawmakers in the United States have accused President Donald Trump of allowing foreign financial interests to interfere with American national security policy. They allege that the United Arab Emirates (UAE) made significant investments in the Trump family’s cryptocurrency business, leading to favorable decisions from the administration.
Members of the Senate Banking, Housing, and Urban Affairs Committee, led by Elizabeth Warren, reported that officials and entities linked to the UAE invested millions in “World Liberty Financial” (WLF) before receiving policy benefits from the U.S. administration. WLF is a cryptocurrency company founded by Trump and his sons.
The report claims that the administration made at least ten decisions that benefited the UAE, including approvals related to advanced artificial intelligence chips, foreign investments, arms sales, and cryptocurrency regulations. These developments raise concerns about conflicts of interest and American national security.
Elizabeth Warren stated, “American families are worried about jobs, rising grocery prices, and paying bills. Meanwhile, President Trump profits from decisions that make it easier for countries like China to access some of our most sensitive and advanced technologies.”
She emphasized that Congress must show courage, asserting that American national security cannot be sold to the highest bidder.
According to the report, UAE-linked officials and entities invested nearly $500 million in WLF just four days before Trump’s inauguration, acquiring almost half of the company. This investment reportedly had the backing of UAE National Security Advisor Sheikh Tahnoun bin Zayed Al Nahyan.
The report indicates that this deal benefited Trump family entities by at least $187 million and provided at least $31 million to the family of Steve Witkoff, a co-founder of WLF and Trump’s Middle East envoy.
Democratic lawmakers also questioned transactions involving the investment firm “MGX,” controlled by the UAE NSA. The report states that MGX announced a $2 billion investment in the cryptocurrency exchange “Binance” using the stablecoin “USD1” launched by WLF. This transaction reportedly led to a rapid increase in the value of the Trump-affiliated venture.
The report also mentions Sheikh Tahnoun’s Abu Dhabi-based artificial intelligence company “G42.” U.S. intelligence officials had previously expressed concerns about G42’s business ties with Chinese companies, particularly Huawei and Beijing Genomics Institute. Despite these concerns, the administration made several decisions that favored the UAE’s technological ambitions.
These decisions included approving G42’s investment in the American AI chipmaker Cerebras, lifting Biden-era export restrictions on advanced AI chips, approving a $1.4 billion arms package for the UAE, and entering agreements that would allow the country to acquire large quantities of advanced American semiconductors.
The report also references the dismissal of the Securities and Exchange Commission’s lawsuit against Binance, a presidential pardon for Binance founder Changpeng Zhao, and the approval for G42 to purchase 35,000 advanced Nvidia Blackwell chips.
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