Allegations that foreign intelligence funds flowed into a Trump-linked cryptocurrency venture have unsettled Washington. The reports said that a UAE-backed entity invested hundreds of millions of dollars just before the president’s inauguration to acquire a 49% stake in World Liberty Financial. The deal was reportedly signed by Eric Trump, the president’s eldest son, and involved roughly $187 million reaching Trump-family controlled entities. Additionally, at least $31 million was wired to a firm associated with Steve Wittkop, a close ally tied to the Middle East envoy role.
Months after the transaction, the Trump administration approved the sale of advanced AI chips to the UAE, a move scrutinized for potential national security implications. The technology had come under export controls during the Biden administration due to security concerns linked to Tahnoon and his connected AI firm G42. Senator Elizabeth Warren and other lawmakers have pressed for investigations into whether Trump and family or senior officials benefited from overseas cryptocurrency deals linked to U.S. technology access.
White House officials have defended that the president did not participate in any related deals and emphasized adherence to ethics rules. White House spokesperson said the president’s assets are held in a family-managed trust with no conflicts of interest. The White House counsel also stated the president is not involved in transactions that could raise constitutional concerns and that public officials adhere to rigorous ethics standards. Wittkop is said to have disposed of his stake in World Liberty Financial.
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