Senate Democrats seek hearings on $500M Trump-UAE crypto deal

Senate Democrats on Tuesday asked Republican leaders to open hearings into a reported $500 million transaction in which an Abu Dhabi investment firm tied to Sheikh Tahnoon bin Zayed Al Nahyan acquired a 49% stake in World Liberty Financial, the crypto company linked to President Donald Trump.

The senators requested that Trump administration officials testify under oath about the deal and any related actions by the administration.

A letter signed by Senators Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin and Ron Wyden said the January transaction and subsequent policy decisions raise questions that Congress should investigate. The lawmakers asked for immediate hearings to gather sworn testimony.

The letter cited a May 2025 U.S. arms and artificial-intelligence chip agreement with the United Arab Emirates, noting the pact advanced despite concerns from U.S. national security officials that China could gain access to the chips.

The president has denied prior knowledge of the World Liberty Financial investment, according to his team.

The senators wrote, “We are deeply concerned about this series of events, which raise questions about what more the UAE may receive — or may have already received — at the expense of US national security after investing in the Trump family crypto company.” They added that Congress has a responsibility to investigate whether the investment influenced subsequent actions by the president or the administration.

Democrats also pointed to recent policy changes that reduce oversight of parts of the crypto industry, including exemptions for certain crypto service providers from financial regulations and the disbanding of a Justice Department team focused on crypto enforcement.

Earlier this year, Senator Warren asked the Treasury Department to consider whether the transaction should be reviewed by the Committee on Foreign Investment in the United States. Other congressional inquiries have examined a dropped fraud case involving a major backer of World Liberty Financial and probes into presidential pardons following a large Abu Dhabi fund investment that involved payments tied to a stablecoin associated with World Liberty Financial.

Republican leaders control which Senate hearings proceed and must decide whether to schedule the requested sessions. The senators asked that any hearings include officials who can address the arms and chip agreement, the handling of crypto regulation, and contacts between U.S. officials and Emirati investors.