US President Trump's involvement in his family's crypto venture, World Liberty Financial (WLF), and the high-value AI chip exports to the UAE are drawing congressional scrutiny. On September 24, Democratic Senators Elizabeth Warren and Elissa Slotkin sent letters to several federal regulators requesting an investigation into Trump, raising concerns that his family and senior White House officials may be abusing their positions for personal gain, potentially exposing a vulnerability in US national security.
The New York Times reveals WLF's black-box dealings with AI chip exports
According to the New York Times , the UAE investment company MGX previously announced an investment of US$2 billion in Binance, the world's largest exchange, but the source of funds was the stablecoin USD1 launched by WLF.
Just two weeks later, the Trump administration approved the UAE's acquisition of hundreds of thousands of the world's most advanced and scarce AI chips for use in a high-end AI competition. Reports indicate that these chips are critical national security technology, raising questions about the timing and connection between the two transactions.
Democratic Party members sent a letter requesting an investigation, and national security issues are on the verge of breaking out.
Against this backdrop, Democratic Senators Warren and Slotkin jointly sent a letter to the heads of three government agencies: the Acting Inspector General of the Commerce Department, the Acting Director of the Office of Government Ethics, and the Acting Inspector General of the State Department. The letter called for a thorough investigation into the roles of President Trump, family members, White House AI encryption czar David Sacks, and US Middle East envoy Steve Witkoff.
Witkoff's son, Zach Witkoff, currently serves as CEO of WLF, while Trump and his three sons are co-founders of the company. The two senators pointed out that Witkoff and Sacks may have manipulated government decisions related to the transaction and profited privately, posing a national security risk.
White House and Trump family refute profiteering allegations
In response to the allegations, both the White House and WLF denied any involvement in the two transactions through media outlets. Trump's son, Eric Trump, also emphasized in a CNBC interview that the family founded WLF because banks refused to do business with them, forcing them to seek new financial channels. Eric stated:
“My father is the first person who didn’t make money from the presidency. We’ve always been entrepreneurs and start-ups, and this move into cryptocurrency was out of necessity.”
The CLARITY agenda may be delayed due to this incident, and Democrats are calling for a thorough investigation as soon as possible.
The U.S. Congress is currently drafting the crypto market architecture bill "CLARITY Act". Due to the different versions between the Senate and the House of Representatives, Senate Banking Committee Chairman Tim Scott once expressed the hope to reach a consensus before the end of September, but this may delay the bill's agenda.
In the letter, Warren and Slotkin emphasized that the case must be clarified as soon as possible to prevent the Trump administration's "crypto corruption" and other related incidents from undermining U.S. national security and to ensure that the legislative process is not affected by conflicts of interest.
This article Democrat Warren: Trump WLF and UAE MGX involve black box transactions of encryption and chips first appeared in ABMedia ABMedia .
