Senate Democrats urge Republicans to hold hearings on Trump family crypto ties to Abu Dhabi royalty

Top Senate Democrats are urging Republican leaders, who control the chamber, to hold hearings on reported ties between President Donald Trump’s family crypto venture and Abu Dhabi royalty.

On Tuesday, Democratic senators sent a letter to Republican leadership urging them to “immediately hold hearings on these urgent matters.” Republicans currently control both the House and Senate, giving them sole authority to decide whether such hearings will take place.

Earlier this year, the Wall Street Journal reported that an Abu Dhabi investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan secretly acquired a 49% stake in World Liberty Financial — the DeFi and stablecoin project that lists President Trump and his three sons as advisors — in an agreement signed by Eric Trump four days before his father's January 2025 presidential inauguration.

Half of that $500 million stake was paid upfront, with $187 million going to Trump family-controlled entities and at least $31 million going to entities affiliated with the family of Steve Witkoff, the real estate mogul who co-founded World Liberty and was later named U.S. Special Envoy to the Middle East. Witkoff's son Zach is the current CEO of World Liberty.

Trump has said he was not aware of the $500 million investment and that he is not directly involved in WLF's day-to-day operations. 

Months after the Sheikh's reported investment, the Trump administration released a framework offering the United Arab Emirates access to thousands of coveted AI chips, according to the Journal. 

"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 U.S. national security after investing in the Trump family crypto company," the lawmakers said in the letter on Tuesday. 

Sens. Elizabeth Warren, Gary Peters, Ron Wyden, Richard Durbin and Richard Blumenthal signed the letter.

"Congress has a responsibility to investigate the details of the reported investment and whether it influenced subsequent actions by President Trump and the Trump Administration," the letter read.

Over the past year, scrutiny over the relationship between Trump's crypto venture and Abu Dhabi has intensified. In February, Sen. Warren and others demanded that Treasury Secretary Scott Bessent evaluate whether the $500 million investment warrants a national security review. On the House side, Democrat Rep. Ro Khanna launched an investigation into the deal. 

This comes as lawmakers in Washington work to pass a cryptocurrency bill that would, for the first time, establish federal regulations for the industry. The legislation, known broadly as the Clarity Act, has faced opposition due to concerns about President Trump's financial ties to cryptocurrency. 

Trump and his family have reportedly earned more than $1 billion from crypto-related ventures, including World Liberty Financial, which is also seeking a federal banking charter. Several Democratic lawmakers have said they will not support the bill unless it includes ethics provisions to address potential conflicts of interest.