Democratic Senators in the US Senate have called for a hearing on the $500 million investment from the UAE in a Trump cryptocurrency project, accusing policy interest interference.

BlockBeats News, June 24th — Democratic Senators Elizabeth Warren, Richard Blumenthal, and three other senators sent a joint letter on June 23rd, requesting multiple Senate committees to hold an immediate hearing regarding the United Arab Emirates officials' $500 million investment in the Trump family's cryptocurrency project, WLFI. The senators aim to investigate whether this investment has influenced the Trump administration's subsequent policy decisions towards the UAE.

According to the letter, representatives of the Abu Dhabi royal family signed an agreement with the Trump family to acquire a 49% stake in WLFI for $500 million. The agreement was finalized four days before Trump's inauguration, with the foreign buyers paying a prepayment of $218 million to entities related to the Trump family and the Middle East's chief diplomat, Steve Witkoff. The transaction reportedly received endorsements from the UAE's National Security Advisor Sheikh Tahnoun bin Zayed Al Nahyan, leading the senators to describe this action as "unprecedented in American political history."

Of more significant concern is the post-transaction policy trajectory. The letter cites that within months of the agreement, the Trump administration made a series of decisions significantly favoring the UAE: approving a $14 billion arms sale to the UAE; the Treasury Department establishing the "Known Investor Pilot" program to expedite CFIUS approvals, a longtime UAE lobbying effort; the Commerce Department lifting Biden-era restrictions on chip exports, allowing the UAE's AI company, G42, to acquire over 35,000 Nvidia Blackwell chips in a deal exceeding $1 billion. However, US intelligence officials reportedly found that G42 had provided American technology to China that could be used to enhance missile capabilities.

The senators are demanding Trump administration officials "to explain under oath when they became aware of payments to the President and his chief regional diplomat's family" and provide clarification on how they plan to restore public trust. Currently, neither WLFI nor the UAE government has responded to these allegations.