Over the weekend, Sen. Elizabeth Warren (D-Mass.) accused the Donald Trump administration of "crypto corruption" following a report that a top UAE royal invested $500 million in a Trump-linked cryptocurrency venture.
UAE Royal Reportedly Took Massive Stake In World Liberty
Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and a senior royal, backed a $500 million investment in World Liberty Financial, reported the Wall Street Journal on Saturday, citing company documents and people familiar with the matter.
The investment was made through Aryam Investment, a Tahnoon-backed firm that acquired a 49% stake, making it the company's largest known shareholder, according to the Journal.
World Liberty Financial is behind the USD1 stablecoin, which is pegged to the U.S. dollar and backed by short-term U.S. Treasurys, dollar deposits and cash equivalents.
The company lists President Donald Trump and special envoy Steve Witkoff as co-founders emeritus and is run by members of the Trump and Witkoff families.
The report said about $187 million from the deal flowed to Trump family entities, while $31 million went to Witkoff family entities.
Deal Preceded Approval Of Advanced AI Chip Sales
According to the report, the agreement was signed by Eric Trump just days before Trump's second inauguration.
At the time, the UAE was seeking access to advanced U.S. artificial intelligence chips that had previously been blocked over concerns they could be diverted to China.
Months later, the U.S. approved the sale of hundreds of thousands of Nvidia Corp (NASDAQ:NVDA) AI chips to the UAE. Roughly one-fifth of the chips were slated for G42, an AI firm controlled by Sheikh Tahnoon.
Warren Calls For Congressional Testimony
Warren, the top Democrat on the Senate Banking Committee, called the situation "corruption, plain and simple" in a post on X.
She demanded testimony from Witkoff, White House AI and crypto czar David Sacks, and Commerce Secretary Howard Lutnick, saying they must explain whether U.S. national security was compromised for private gain.
"Congress needs to grow a spine and put a stop to Trump's crypto corruption," Warren wrote.
Corruption, plain and simple.
Steve Witkoff, David Sacks, and Howard Lutnick must testify in front of Congress.
And Congress needs to grow a spine and put a stop to Trump's crypto corruption. pic.twitter.com/1pJ1YfOCgM
White House spokesperson Anna Kelly told WSJ there were "no conflicts of interest," adding that Witkoff is working to advance Trump's foreign policy goals.
White House and World Liberty did not immediately respond to Benzinga's request for comments.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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