WASHINGTON,— Democratic Senators Elizabeth Warren and Andy Kim on Friday called on Treasury Secretary Scott Bessent to examine whether a $500 million investment by the United Arab Emirates in the Trump family’s cryptocurrency company could pose national security risks, U.S. officials told Reuters.
The senators requested that Bessent, who chairs the Committee on Foreign Investment in the United States, determine if the 49% UAE stake in World Liberty Financial should be reviewed by CFIUS.
They also asked for a thorough and unbiased investigation if the committee decides a review is necessary.
In a letter, Warren and Kim asked Bessent to answer several questions by March 5, including whether CFIUS had already evaluated the transaction or advised Republican President Donald Trump regarding the deal.
The Treasury Department did not provide an immediate response to the request.
The senators wrote that the investment presented “significant national security concerns.” They have previously raised questions about World Liberty Financial, which was founded just two months before Trump won the November 2024 presidential election, as well as potential conflicts of interest.
Steve Witkoff, the businessman who announced the company, is now a prominent Trump envoy.
Trump aides have stated that the former president has handed over control of his business interests to outside ethics lawyers for review.
CFIUS is a Treasury-led panel that reviews foreign investments for national security risks. Members include senior officials from the Defense, State, Commerce, Homeland Security, and Justice departments.
Warren and Kim highlighted that CFIUS has a clear responsibility to address foreign investment that could allow governments such as the UAE or China to access critical technology or personal information of Americans.
They said the reported UAE purchase raised questions about whether sensitive data collected by World Liberty Financial could be accessed by foreign governments.
The Wall Street Journal reported last month that G42, a UAE company managed by Sheikh Tahnoun bin Zayed Al Nahyan of the royal family and the nation’s largest wealth fund, acquired the stake days before Trump’s second term began in January 2025.
Months later, the Trump administration authorized the sale of advanced AI chips to the UAE.
World Liberty Financial issues the USD1 stablecoin, pegged to the U.S. dollar and backed by short-term U.S. Treasuries, dollar deposits, and other cash equivalents.
The company lists Trump and Witkoff as co-founders emeritus and is managed by members of their families. Warren and Kim also noted that U.S. intelligence has warned that G42 may have provided technology to support China’s military.
(With files from Reuters)
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