Five Senate Democrats are demanding immediate hearings into World Liberty Financial, the Trump family-backed crypto firm, over a reported $500 million stake purchased by lieutenants tied to a United Arab Emirates royal before the President’s inauguration.

The lawmakers sent their request to the Republican chairs of five Senate committees on June 23. They want Trump administration officials to testify under oath about what they knew regarding the payments.

Democrats Demand Hearings on World Liberty UAE Stake

The signatories are ranking members of the Senate: Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden. Their letter went to the chairs of the Banking, Finance, Judiciary, Homeland Security, and Investigations panels.

The senators pointed to a WSJ report. The report revealed that an Abu Dhabi vehicle, Aryam Investment, acquired a 49% stake in World Liberty Financial (WLF) for roughly $500 million. The deal was reportedly signed four days before the January 2025 inauguration. 

The company is backed by Sheikh Tahnoon bin Zayed Al Nahyan, the nation’s national security adviser and manager of its largest wealth fund. According to the Journal, about $187 million went to Trump family-linked entities, while roughly $31 million flowed to Witkoff family-linked entities.

The letter connects the investment to later government actions. Within months, the administration approved $1.4 billion in arms sales to the UAE, the senators note.

The lawmakers also cite the authorized sale of 35,000 advanced US AI chips to UAE firm G42. That clearance came in November 2025, despite officials flagging national security concerns.

Meanwhile, the senators reference steps to ease crypto oversight, including disbanding the Justice Department’s National Cryptocurrency Enforcement Team. 

“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,” the letter reads.

White House Rejects Conflict Claims as Probes Stack Up

World Liberty Financial has previously rejected such concerns. A company spokesperson has said neither Trump nor Steve Witkoff has been involved in the transaction or in the firm since taking office.

The White House has separately maintained that the president’s assets sit in a trust managed by his children. They added that there is no conflict of interest.

Meanwhile, this is not the senators’ first move. In February, Warren and Andy Kim wrote to Treasury Secretary Scott Bessent over the deal.

Senator Warren has consistently criticized Trump’s cryptocurrency ventures involving the UAE. Last year, BeInCrypto reported that the lawmaker argued the Trump administration’s AI and crypto partnerships with the Gulf nation could pose national security risks.

Source: BeInCrypto