U.S. Senate Democrats call for hearing on UAE's $500 million investment in Trump crypto project, alleging policy favoritism
BlockBeats news, on June 24, five Democratic U.S. senators, including Elizabeth Warren and Richard Blumenthal, jointly sent a letter on June 23, requesting several Senate committees to immediately hold hearings regarding UAE officials investing $500 million in the Trump family's crypto project WLFI, to investigate whether this investment influenced subsequent Trump administration policy decisions concerning the UAE.
According to the letter, representatives for the Abu Dhabi royal family signed an agreement with the Trump family to acquire a 49% stake in WLFI for $500 million, with the deal closing four days before Trump took office. The foreign buyers prepaid $218 million to entities related to the Trump family and Middle East Chief Diplomat Steve Witkoff. The deal was reportedly endorsed by UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan. The senators described the move as "unprecedented in American political history."
The policy direction following the completion of the transaction is drawing even more attention. The letter outlines that within months of the agreement, the Trump administration made a series of decisions obviously favorable to the UAE: approved $1.4 billion in arms sales to Abu Dhabi; the Treasury established an “Identified Investor Pilot” program, opening the fast-track CFIUS approval channel long sought by the UAE; the Commerce Department lifted Biden-era chip export restrictions, authorizing UAE AI company G42 to obtain 35,000 Nvidia Blackwell chips worth over $1 billion. However, U.S. intelligence officials reportedly discovered that G42 had previously provided American technology, which could enhance missile capabilities, to China.
The senators demand Trump administration officials "explain, after being sworn in, when they became aware of payments made to the president and his chief regional diplomat's family" and clarify how public trust can be restored. So far, neither WLFI nor the UAE government has responded to the matter.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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