Senators Call for Investigation into Trump Family and Crypto Deals
Democratic Senators Elizabeth Warren and Elissa Slotkin have requested an investigation into President Donald Trump, his family, and senior officials. The probe focuses on possible ethics violations linked to World Liberty Financial (WLFI), a crypto company co-founded by Trump and his sons.
In a letter sent on Wednesday, the senators asked the Commerce Department, State Department, and Office of Government Ethics to review reports connecting Trump’s allies to business deals with the United Arab Emirates (UAE).
Concerns Over UAE Crypto Investment and Chip Exports
The request followed a New York Times report about two major deals involving crypto investments and U.S. chip exports. The report said Emirati firm MGX plans to invest $2 billion into Binance using WLFI’s stablecoin, USD1.
Last week, the Trump administration approved sending advanced U.S. computer chips to the UAE. These chips are crucial for artificial intelligence. Some White House officials worry they might be accessed by China.
The senators named two key figures involved: David Sacks, a White House adviser on crypto and AI, and Steve Witkoff, a longtime Trump friend and Middle East envoy. Witkoff’s son, Zach, is CEO of World Liberty Financial.
Warren and Slotkin said, “The pattern of these transactions is deeply troubling and reveals that Mr. Witkoff and Mr. Sacks were in positions to control government decisions to personally enrich themselves—even as they created significant national security concerns.”
Ethics Questions and Family Ties
World Liberty Financial is backed by the Trump and Witkoff families. The Trumps are listed as co-founders. Disclosure reports show the Witkoffs hold billions of WLF tokens, worth nearly $800 million at current prices.
Ethics experts told the New York Times that Witkoff’s financial interests may conflict with federal rules barring officials from decisions benefiting their holdings.
The White House responded that Witkoff “is taking all the legal steps necessary to divest” from private businesses. A spokeswoman said Sacks had “no financial interest” in the chip deal and was granted a waiver to participate.
Inspectors general representatives declined to confirm if an inquiry is underway.
Eric Trump defended his family in a CNBC interview. He said, “My father’s the first guy who hasn’t made money off of the presidency. We’ve always been serial capitalists; we’ve always had companies. Crypto came out of a necessity that we were debanked by everybody and needed to find a new way.”
Warren and Slotkin concluded their letter by stating, “Such unbridled conflicts of interest have no place in the U.S. government.”
