United States Senator Elizabeth Warren has called for a congressional investigation into a new secret investment made by a UAE Royal entity into Trump’s crypto firm, World Liberty Financial. She claimed shades of corruption in the deal and called for immediate intervention.
Warren Continues Probe into World Liberty Financial
In a new investigation conducted by WSJ, an entity in the United Arab Emirates purchased a 49% stake in WLFI for $500 million. This buy was done just days before Trump became the President of the United States.
The transaction involves an entity supported by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, often referred to as the “Spy Sheikh.” Eric Trump signed the deal, which brought in about $187 million for the Trump family business. Additionally, $31 million was linked to Steve Witkoff, an ally of the President.
Shortly after the World Liberty Financial deal, the United States agreed to let the UAE purchase many advanced AI chips from Nvidia. Lawmakers began to scrutinize this agreement. Senator Elizabeth Warren quickly criticized the deal following her earlier concerns about the WLFI bank bid.
She said in a statement that this is plain corruption and should not be left without investigation.
A White House spokesperson told WSJ that there were no conflicts of interest whatsoever in the World Liberty Financial deal. She also stated that the President works only in the best interests of U.S. citizens.
Trump Crypto Business Scrutiny Grows
The new investigation is not the first time most of the President’s crypto firms have come under the spotlight. Before this, Warren had come out to attack WLFI’s bid to become a trust charter bank. She had called the OCC to stop the review of the application.
Adding to the World Liberty Financial scrutiny, the TRUMP meme coin was launched and then fell sharply, causing major losses for many investors. At the time, insiders extracted over $800 million from the token’s supply.
Lawmakers are worried about possible conflicts of interest and the chance of a scam in the future. This is especially when the token’s three-year lockup ends. The Trump business currently owns about 80% of the meme coin’s supply, which adds to the uncertainty.
Source: https://coingape.com/trumps-world-liberty-financial-under-fire-as-warren-seeks-probe-of-uae-crypto-deal/
