JNS
Sheikh Tahnoon bin Zayed Al Nahyan, of the United Arab Emirates, committed $2 billion to a Trump-Witkoff crypto venture before the U.S. president approved transferring sensitive computer chips to Tahnoon.
Eight Democratic senators, led by Sen. Adam Schiff (D-Calif.), are demanding answers from Trump administration envoy Steve Witkoff about his financial dealings with U.S. President Donald Trump’s family and the government of the United Arab Emirates.
A longtime friend of Trump’s, Witkoff is the special U.S. envoy for peace missions. He was previously a Middle East adviser and ran point on ceasefire negotiations between Israel and Hamas.
The senators expressed “deep concern regarding potential conflicts of interest” over Witkoff’s retention of ownership of cryptocurrency assets tied to World Liberty Financial, a crypto venture launched last year by the Trump and Witkoff families.
A co-founder of the venture said in May that Witkoff was divesting, but Witkoff listed his ownership stake on his August financial disclosure forms.
The senators asked Witkoff if he still has a financial interest in the venture or in any other businesses tied to Trump, and if he has received guidance or ethics waivers from the U.S. Office of Government Ethics.
“Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, ability to serve the American people over your own financial interests,” the senators wrote.
“As long as you maintain ownership of these assets, you stand to profit from any decisions you are involved with while serving in the administration,” they added.
The senators also raised concerns about Witkoff’s relationship with Sheikh Tahnoon bin Zayed Al Nahyan, the longtime national security adviser for the Emirati government who also manages a $1.5 trillion business portfolio.
Tahnoon committed $2 billion to World Liberty Financial in May through his investment firm, shortly before Trump announced he would transfer export-restricted, sensitive computer chips, many of which were expected to go to Tahnoon’s Group 42 artificial intelligence and cloud computing company in Abu Dhabi.
“So long as you maintain an ownership stake or any personal financial interest in World Liberty Financial, you stand to benefit from any increase in the company’s value or profitability, including through sales or partnerships with foreign entities you are likely to engage with in your official capacity as special envoy,” the senators wrote.
White House counsel David Warrington told The Hill that “Mr. Witkoff, like all administration officials, takes seriously his compliance with the government ethics rules.”
“He is working with ethics officials and counsel to ensure he is in full compliance with those rules, including taking all the legal steps necessary to divest,” Warrington said.
Sens. Dick Durbin (D-Ill.), Ron Wyden (D-Ore.), Andy Kim (D-N.J.), Catherine Cortez Masto (D-Nev.), Gary Peters (D-Mich.), Elissa Slotkin (D-Mich.) and Cory Booker (D-N.J.) also signed the letter.
