US Lawmakers have called for better anti-corruption measures over the $500 million deal between an Abu Dhabi-backed entity and World Liberty Financial Invest (WLFI), the main crypto venture of the Trump family.
Congressmen Question WLFI’s UAE-Backed Deal
On Monday, Democratic Senator Chris Murphy criticized the recently unveiled deal involving United Arab Emirates (UAE) investors and a US President Trump-linked crypto company, World Liberty Financial.
In an X post, the congressman expressed his concerns over the deal, warning that it had broken “decades of national security precedent” and constituted “brazen, open corruption” that Americans “shouldn’t pretend it’s normal.”
The concern follows a Wall Street Journal report alleging that Aryam Investment, a UAE-backed entity linked to Sheikh Tahnoon bin Zayed, an Abu Dhabi royal tied to the emirate’s state investment machinery, purchased 49% stake of WLFI for $500 million just days before Trump’s inauguration.
As reported by Bitcoinist, the news media outlet claimed that the buyers paid half of the sum upfront, citing company documents and people familiar with the matter, with around $187 million paid to entities connected to the Trump family.
Meanwhile, at least $31 million was reportedly directed to entities affiliated with Steve Witkoff, President Trump’s envoy to the Middle East and one of WLFI’s co-founders, who was questioned by US senators last year.
Months after the WLFI-UAE deal, the Trump administration approved expanded access for the UAE to advanced US-made AI chips despite restrictions from the Biden administration over concerns about potential diversion to China.
“This is a case where they knew it was so outrageous, it was so wrong that they did it in private,” Murphy affirmed, noting that the payments could be considered “the elements of a bribe.”
What we are talking about here is stunning. It’s a secret payment (…), and then, soon after, a gift of national security secrets to the UAE, that up until those two secret payments, every American president had refused to give. This is corruption (…). This is potentially criminal conduct.
Moreover, the senator asserted that “the rule of law may be suspended today,” but declared that it “is coming back, and when it does, everyone who has greased their palms off government services, trading government favors for cash, and violating the laws of this nation are going to jail.”
Similarly, House of Representatives member Greg Landsman also deemed the World Liberty Financial deal “blatant corruption,” affirming that “Trump gets $500 million in cash then approves the deal sending advanced AI chips to the UAE (…). He gets richer every day. You get poorer. That’s his presidency.”
The congressman called for new leadership in his X post, urging “massive anti-corruption reforms” to avert future secret deals.
Trump Denies Conflict Of Interest Concerns
President Trump denied any involvement in the UAE-backed investment into WLFI during a press conference on Monday at the White House, asserting that he was unaware of the $500 million stake deal.
He explained that he is not involved in WLFI’s day-to-day operations, as his sons oversee the crypto firm. “Well, I don’t know about it. I know that crypto is a big thing, and they like it. A lot of people like it,” the US president said. “The people behind me like it. My sons are handling that. My family is handling it. And I guess they get investments from different people. But I’m not.”
Notably, President Trump and his administration have been repeatedly questioned about potential conflicts of interest and corruption concerns. Democrats have pressed multiple government officials, including the Securities and Exchange Commission (SEC)’s former acting chairman and the head of the Office of the Comptroller of the Currency (OCC), about Trump’s crypto ventures.
In November, US senators expressed concerns about potential national security risks in a letter, demanding that the Department of Justice (DOJ) and the Treasury Department investigate WLFI over token sales allegedly linked to illicit actors.
They argued that World Liberty Financial and its token “lack adequate safeguards to prevent bad actors from moving funds or gaining influence over its governance,” raising the alarm over a potential conflict of interest.
WLFI trades at $0.127 in the one-week chart. Source: WLFIUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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