Senators Push for Probe Into World Liberty Deal as Crypto, AI, and Trump-Era Ties Collide

Two U.S. senators are calling for a full-scale investigation into former Trump Administration official Steve Witkoff, raising questions about whether his ties to World Liberty Financial intersected with major foreign dealings involving the United Arab Emirates.

The scrutiny centers on a sequence of events that unfolded within weeks: the U.S. approved shipments of advanced AI chips to the UAE shortly after a UAE-backed fund announced plans to use World Liberty’s USD1 stablecoin to acquire a $2 billion stake in Binance, the world’s largest crypto exchange.

To secure those tokens, the UAE-linked firm MGX deposited $2 billion into World Liberty—funds the company invests into short-term U.S. Treasuries yielding between 3.5% and 4.1% annually. Senators Elizabeth Warren and Jack Reed say the tight timing raises the possibility of a quid-pro-quo, especially given Witkoff’s dual role as a co-founder of World Liberty and, at the same time, a top diplomatic figure representing U.S. interests in the Middle East.

In a letter sent Tuesday, the senators wrote that Witkoff “appears to have aided a foreign power’s effort to acquire U.S. technology with major economic and national security implications,” hinting that his involvement may have offered personal financial gain.

Witkoff—longtime Trump confidant, New York real estate figure, and co-founder of World Liberty alongside Trump, Trump’s sons, and crypto entrepreneurs Chase Herro and Zachary Folkman—has become a focal point in what lawmakers say could be an unprecedented conflict of interest.

World Liberty launched in October 2024 promising to “make crypto and America great” through mass stablecoin adoption. By March, it began issuing its USD1 stablecoin. Meanwhile, Trump has loudly advocated for crypto-friendly legislation that could directly benefit the company’s substantial token holdings.

As of Wednesday, filings show the Trump family controls 38% of World Liberty via DT Marks DEFI LLC.

The firm insists Witkoff is stepping away. Folkman previously said Witkoff was “in the process of fully divesting,” with no operational influence. But his August disclosure form still lists World Liberty among his investments—and, as the senators point out, the filing lacked the required ethics expert sign-off.

Adding to the concerns: Witkoff’s disclosure states he formally began his envoy role in June, yet he reportedly attended high-level meetings months earlier.

The senators are now pressing the Office of Government Ethics and related agencies for answers, including:

• The current status of Witkoff’s World Liberty investments

• Any discussions between Witkoff and UAE officials regarding the company

• A legal review assessing whether his actions violated criminal conflict-of-interest laws

With billions, international technology transfers, and White House-linked crypto ventures at the center of the story, lawmakers warn that the situation may reveal a new frontier of political, financial, and global-security entanglement.