The Democrat senator called for an investigation into potential ethical violations by Trump administration officials related to global free finance and an investigation into $2 billion in funding from the United Arab Emirates.
In a September 23rd letter, Senators Elizabeth Warren and Elissa Slotkin requested that Commerce Department inspectors investigate whether they violated ethical rules for dealings that allegedly enriched President Trump’s family and raised national security concerns among White House staff.
Probe Target
Probe targets transactions that include Trump adviser Steve Witkoff, who worked as a State Department employee for six months before moving to White House position. It centers around two interconnected transactions announced in May.
The first included a US plan to allow the UAE to import American-designed artificial intelligence computer chips. Meanwhile, the second involved a government-backed Emirati company that invested $2 billion in World Liberty Financial, a crypto company created by Trump family and Witkov’s relatives.
“These patterns of transactions are deeply troubling,” Warren and Slotkin wrote in a letter to the proxy inspector.
The senator said Witkov had advocated for exporting chips to the UAE. At the same time, his family’s company secured crypto investment despite national security concerns that UAE’s relations with China could undermine security.
The report found no evidence of an explicit Quid Pro Quo contract, but revealed that transactions that previously intersected in unknown ways have occurred.
The letter further raised concerns that White House “AI and Crypto Czar” David Sacks also participated in a chip discussion despite concerns from his colleagues about potential conflicts of interest.
The new investigation call builds on a September 17 letter sent to the bag by Warren and seven other Democrats, and pushes him to notify him if the time frame for Trump’s temporary appointment is exceeded.
Congress’s scrutiny continues
The survey represents the latest democratic efforts to look into Trump’s crypto venture. The Trump family manages 75% of global Liberty Financial’s net token sales revenue and 60% of future business operations, generating potential fees of $400 million.
Warren and representative Maxine Waters requested the SEC’s World Free Financial Records in April, seeking information on potential conflicts arising from the Trump family’s involvement in the Defi project.
Warren has consistently raised concerns about the project, including questioning Sachs’ codeholding before joining the administration.
In June, Democrat Adam Schiff introduced the Coin Act, calling for the president and executive officers to be banned from issuing or promoting certain cryptocurrencies while in office.
The Trump family cut their global Liberty Financial stake by 20%, but reportedly earned $57 million in profits from the venture alone.