Two Democratic members of the US Senate Banking Committee have called for an investigation into the national security implications of a reported $500m investment in World Liberty Financial, a cryptocurrency company linked to US President Donald Trump’s family, by the United Arab Emirates’ (UAE) national security adviser, reported Reuters.
Senators Elizabeth Warren and Andy Kim requested that Treasury Secretary Scott Bessent, who oversees the Committee on Foreign Investment in the US (CFIUS), assess whether this 49% stake warrants a formal review and, if so, initiate a detailed inquiry.
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The senators submitted their request in a letter seen by Reuters, asking Bessent to clarify whether CFIUS has analysed the deal or provided any recommendations regarding it to Trump. They set a response deadline of 5 March.
The Treasury Department has not issued a public statement regarding the correspondence.
World Liberty Financial was established shortly before Trump’s victory in the November 2024 presidential election and was announced by businessman Steve Witkoff, now an adviser to Trump.
The company currently operates under leadership from both the Trump and Witkoff families, with Trump and Witkoff listed as co-founders emeritus.
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By GlobalDataWorld Liberty Financial manages USD1, a stablecoin backed by US dollar deposits, short-term US Treasury securities, and other liquid assets.
Reports indicate that G42, supported by Sheikh Tahnoon bin Zayed Al Nahyan, head of the UAE’s largest sovereign wealth fund, acquired its stake shortly before Trump began his second term in January 2025.
Later that year, the administration authorised sales of advanced artificial intelligence chips to the UAE.
Warren and Kim raised concerns about potential access by foreign governments such as the UAE or China to personal information collected by World Liberty Financial.
They cited warnings from US intelligence agencies that G42 may have supplied technology which supports China’s military operations.
