Senator Warren Demands Probe into Alleged Trump Crypto Deal with UAE 'Spy Sheikh'
Senator Elizabeth Warren has called for congressional hearings following a report detailing a significant cryptocurrency deal involving a UAE intelligence official and a Trump-era company. The deal, which allegedly funneled millions to Trump family entities, has raised serious concerns about national security and potential conflicts of interest.
Key Takeaways
- A UAE intelligence official, known as the "Spy Sheikh," reportedly acquired a nearly 50% stake in a Trump-era crypto company.
- The deal allegedly directed substantial funds to entities tied to the Trump family and allies.
- Concerns have been raised about the timing of the deal in relation to U.S. technology sales to the UAE.
The 'Spy Sheikh' Crypto Deal
According to an investigation by The Wall Street Journal, an entity backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser, purchased a 49% stake in World Liberty Financial for $500 million shortly before Donald Trump's inauguration. The report indicates that this transaction, signed by Eric Trump, resulted in approximately $187 million flowing to Trump family entities and at least $31 million to entities connected to Steve Witkoff, a Trump ally who had been appointed Middle East envoy.
National Security Concerns
The timing of this crypto deal has drawn particular scrutiny. The Journal noted that the investment occurred months before the Trump administration approved the sale of advanced U.S. AI chips to the UAE. These same chips had been restricted by the Biden administration due to national security concerns related to Sheikh Tahnoon's AI firm, G42.
Senator Warren's Response
Senator Warren, the ranking member of the Senate Banking Committee, issued a strong statement condemning the deal. She characterized it as "corruption, plain and simple" and urged the Trump administration to reverse its decision on selling sensitive AI chips to the UAE. Warren specifically called for testimony from Steve Witkoff, David Sacks, Secretary of Commerce Howard Lutnick, and other Trump administration officials. She wants them to address the "mounting evidence that they sold out American national security in order to benefit the President’s crypto company – and about whether any officials lined their own pockets in the process."
Warren and Representative Elissa Slotkin (D-MI) had previously initiated calls for an investigation into whether Donald Trump, his family, and senior officials were profiting from foreign crypto deals linked to U.S. technology access.
White House Response
In response to the allegations, White House spokeswoman Anna Kelly stated to The Wall Street Journal that "President Trump only acts in the best interests of the American public" and that his assets are managed by his children in a trust, asserting "There are no conflicts of interest." She also mentioned that Witkoff is working to "advance President Trump’s goals of peace around the world."
White House counsel David Warrington added that the President has no involvement in business deals that could affect his constitutional responsibilities. He emphasized that Witkoff adheres to government ethics rules and has "divested from World Liberty Financial."