Trump Says He Knows Nothing About Family’s World Liberty Financial Crypto Business
U.S. President Donald Trump has defended his family's financial involvement in cryptocurrency company World Liberty Financial, claiming he knows little about the business despite holding a stake in the venture.
In an interview following last week's midterm elections, Trump was questioned about his ownership of the company and its connections to investors linked to the United Arab Emirates (UAE) government. He was also asked how his family's crypto interests differed from the business arrangements he had previously criticized involving former President Joe Biden's family.
Trump responded that he was not familiar with the company's operations, saying, "Because I know nothing about it."
When asked why he had not sold his stake to avoid potential conflicts of interest, Trump said much of his wealth was handled by Wall Street firms through index funds. He added that his sons manage the family's business interests and argued that asking them to stop all business activities during his presidency would be difficult.
Trump also said he did not know whether foreign investors in World Liberty Financial expected their investments to provide access or influence within his administration.
He dismissed broader concerns about presidential business interests, arguing that conflicts of interest have existed throughout U.S. history. He compared today's cryptocurrency investments with earlier industries such as oil, claiming that previous presidents had faced similar situations.
World Liberty Financial's UAE connection
World Liberty Financial was announced by Trump's son Eric Trump in August 2024. The company has since developed several crypto products, including its WLFI governance token and USD1 stablecoin.
In January, it launched World Liberty Markets, a lending and borrowing platform built on the Dolomite decentralized finance protocol.
However, its foreign ownership links have attracted growing attention from U.S. lawmakers.
Aryam Investment, a UAE-backed entity connected to the country's national security adviser Sheikh Tahnoon bin Zayed, reportedly agreed to purchase a 49% stake in World Liberty Financial for $500 million. The agreement was signed by Eric Trump just four days before Trump's January 2025 inauguration.
The reported investment has raised questions because it came before the Trump administration reversed restrictions on advanced AI chip sales to the UAE.
At the time, a World Liberty spokesperson said neither Trump nor his Middle East envoy, Steve Witkoff, had any involvement in the transaction. Trump has also previously said he was unaware of the agreement.
The company's UAE connections have also become part of a legal dispute with Tron founder Justin Sun. Sun's legal team asked a federal court to sanction World Liberty, claiming the company delayed revealing information about its UAE ownership that could affect federal jurisdiction over his lawsuit. World Liberty rejected the allegations, describing Sun's legal actions as a publicity campaign without merit.
Trump's family retains significant financial interests
World Liberty Financial's own disclosures provide details about the Trump family's financial exposure to the company.
DT Marks DEFI LLC, an entity affiliated with Trump and certain family members, owns approximately 38% of the holding company behind World Liberty Financial. The entity also holds 22.5 billion WLFI tokens and is entitled to receive 75% of the net proceeds from WLFI token sales.
Another Trump-affiliated entity has an indirect financial interest in the interest earned from reserves backing the USD1 stablecoin.
The company's disclosures state that no member of the Trump family serves as an officer, director or employee of World Liberty Financial. However, Trump's sons continue to play a role in the venture.
The financial arrangements have kept the company's ownership structure and foreign investment relationships under scrutiny, particularly as Trump continues to lead the U.S. government while his family maintains substantial interests in the cryptocurrency industry.