Donald Trump is under renewed conflict-of-interest scrutiny after a report said an Emirati royal helped finance a $500 million purchase of a major stake in his family’s cryptocurrency venture shortly before he returned to office. However, the White House said the president does not manage his businesses and has transferred control to his children.
Ethics specialists and Democratic lawmakers say the Trump UAE crypto deal raises conflict-of-interest risks, with attention also on a later US decision that expanded the United Arab Emirates’ access to advanced AI chips.
Corporate documents reviewed by The Wall Street Journal show Emirati-linked representatives agreed to buy a 49% stake in World Liberty Financial, a crypto company tied to the Trump family, for $500 million. The deal was signed four days before Trump’s inauguration in January 2025, the reports said.
The report named Sheikh Tahnoon bin Zayed Al Nahyan as the figure behind the investment. He is the brother of the UAE president and holds senior national security and investment roles, including leadership of an Emirates wealth fund highlighted to be roughly $1.5 trillion.
In addition, documents showed part of the investment was paid up front. It said $187 million went to Trump entities, and $31 million went to entities affiliated with Steve Witkoff, a World Liberty co-founder and Trump’s Middle East envoy.
Months after the investment, the administration announced the UAE could import 500,000 of Nvidia’s advanced AI chips, the report said. It also said officials overrode earlier restrictions tied to concerns that the technology could reach China.
Moreover, the report said no evidence shows the president explicitly offered chip exports in exchange for the crypto investment. Still, critics argue the sequence can cloud confidence in decision-making.
Meanwhile, the reports described a sequence of UAE-linked crypto activity that put World Liberty products closer to major transactions. UAE-backed MGX also planned to use a World Liberty stablecoin, USD1, to finance a $2 billion investment into crypto exchange Binance.
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Watchdog groups and legal scholars quoted in the report said the arrangement can create a conflict of interest even without a direct exchange. They argued that the overlap between foreign investment and US policy decisions can weaken public trust.
In addition, democratic lawmakers, including Elizabeth Warren, called for oversight and urged Congress to examine the transaction and related policy decisions.
The White House rejected the criticism and said the president does not run the businesses. Officials said his children manage the operations, so the arrangement does not create a constitutional problem. The administration maintains no conflict exists, while lawmakers continue pressing for congressional review.