US House Scrutiny Grows Over Trump-Linked World Liberty Crypto Deal

• Trump mentioned that he was not aware of the transaction and highlighted that his sons and other family members manage the business.
• As per the journal account quoted in the letter, the deal was signed by Eric Trump days before the inauguration.

A US House scrutiny has shifted everyone’s attention to World Liberty Financial, a Trump-associated crypto venture. The shift is due to the latest report of a $500 million UAE-associated stake agreed soon before the inauguration of Donald Trump. 

A Democrat from California, Representative Ro Khanna, the ranking member of the House Select Committee on the Chinese Communist Party, on February 4 gave a letter to the co-founder of World Liberty, Zach Witkoff, looking for ownership records, payment details and internal communications associated with the mentioned deal and associated transactions. 

The representative mentioned that the Journal reported “lieutenants to an Abu Dhabi royal privately signed a deal with the Trump family to buy a 49% stake in their fledgling cryptocurrency company for half a billion dollars” soon before Trump took office. 

He claimed the reported investment questions the conflicts of interest, national security and if US technology policy shifted in ways that profited foreign capital associated with strategic priorities. 

No Knowledge of Deal 

At the same time, Trump revealed he had no knowledge of the deal. Talking to reporters on February 2, he mentioned that he was not aware of the transaction and highlighted that his sons and other family members manage the business and get investments from different parties. 

The letter also associated the reported stake to US export controls over advanced AI chips and worry regarding diversion to China via third countries. Khanna unveiled that the journal report proposed that the UAE-associated investment “may have ended with prominent changes to U.S. government policies made to prohibit the diversion of advanced AI chips and associated computing capabilities to the People’s Republic of China.”

As per the journal account quoted in the letter, the deal was signed by Eric Trump days before the inauguration. The investor group was mentioned as associated with Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser. Two senior figures associated with his network then joined World Liberty’s board.

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