The probe targets deals involving Trump adviser Steve Witkoff, who worked as a State Department employee for six months before transferring to a White House position. It centers on two interconnected deals announced in May.
The first involved a US plan to allow the UAE to import American-designed artificial intelligence computer chips. Meanwhile, the second involved a government-backed Emirati firm investing $2 billion in World Liberty Financial, a crypto company created by the Trump family and Witkoff’s relatives.
Warren and Slotkin wrote in their letter to acting inspectors general that “the pattern of these transactions is deeply troubling.”
The senators noted that Witkoff advocated for chip exports to the UAE. At the same time, his family’s company secured the crypto investment, despite national security concerns that the UAE’s ties to China could compromise security.
The report found no evidence of explicit quid pro quo agreements but revealed that the deals intersected in previously unknown ways.
The probe represents the latest Democratic effort to examine Trump’s crypto ventures. The Trump family controls 75% of World Liberty Financial’s net token sale revenues and 60% of future business operations, potentially generating $400 million in fees.
Warren has consistently raised concerns about the project, including questioning Sacks’ crypto holdings before joining the administration.
In June, Democratic Congressman Adam Schiff introduced the COIN Act, seeking to prohibit presidents and executive officials from issuing or promoting specific cryptocurrencies while in office.
