World Liberty Financial (WLFI), a cryptocurrency firm connected to former President Donald Trump’s family, is facing a congressional probe after reports that an Abu Dhabi–linked entity invested $500 million in the company. House Democrats, led by Representative Ro Khanna (D-Calif.), have launched scrutiny of the transaction, citing concerns about transparency and public trust.
Khanna announced on social media that he has opened an investigation into the reported UAE investment and has urged a U.S. attorney to examine the deal. Media reports say the investment was backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser since 2016, and that the arrangement gave him a roughly 49% stake in WLFI. The reports also indicate the deal included efforts to obtain access to advanced artificial-intelligence chips.
As part of the inquiry, Khanna sent a letter to WLFI CEO Zach Witkoff requesting responses to 16 specific questions and copies of documents related to the investment agreement with Sheikh Tahnoon. He asked for records on WLFI’s revenues and how profits are allocated, along with any internal policies addressing conflicts of interest connected to the transaction.
President Trump has denied personal involvement in the investment, saying his family members are managing WLFI’s business affairs. Khanna warned that the reported arrangements could raise legal and constitutional issues and emphasized that preserving the integrity of policymaking is important for U.S. competitiveness with geopolitical rivals such as China.
The investigation builds on Khanna’s earlier efforts to curb officials’ financial exposure to cryptocurrencies. In October, he introduced legislation to ban the president, members of Congress, and their immediate families from trading digital assets, pointing to conflicts of interest and risks of foreign influence.
The episode underscores broader clashes in Washington over crypto regulation as Congress has yet to finalize a comprehensive federal framework. Legislation such as the CLARITY Act, intended to clarify rules for digital assets including stablecoins and spot trading, has seen slow progress.
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