Top Senate Democrats are pushing Republican leaders, who control the chamber, to hold hearings on reported ties between President Donald Trump’s family crypto venture and Abu Dhabi royalty.
Calls for hearings
On Tuesday, Democratic senators sent a letter to Republican leadership urging them to “immediately hold hearings on these urgent matters.”
Republicans currently control both the House and Senate, giving them sole authority over whether such hearings move forward.
The letter was signed by Sens. Elizabeth Warren, Gary Peters, Ron Wyden, Richard Durbin and Richard Blumenthal.
The Abu Dhabi connection
Earlier this year, the Wall Street Journal reported that an Abu Dhabi investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan secretly acquired a 49% stake in World Liberty Financial, the DeFi and stablecoin project that lists Trump and his three sons as advisors.
The agreement was signed by Eric Trump four days before his father’s January 2025 inauguration.
Half of the $500 million stake was paid upfront, with $187 million going to Trump family-controlled entities and at least $31 million to entities tied to the family of Steve Witkoff, who co-founded World Liberty and later became U.S. Special Envoy to the Middle East.
Trump has said he was unaware of the investment and is not involved in the venture’s daily operations.
Months later, the administration reportedly offered the UAE access to thousands of coveted AI chips.
Broader scrutiny
The lawmakers wrote:
“We are deeply concerned about this series of events, which raise questions about what more the UAE may receive – or may have already received – at the expense of U.S. national security after investing in the Trump family crypto company.”
The push comes as Washington works to pass the Clarity Act, which would establish federal crypto regulations for the first time. Trump and his family have reportedly earned over $1 billion from crypto-related ventures.
