California Representative Ro Khanna, serving as the ranking member of the Select Committee on China, announced on Wednesday the commencement of an investigation focused on a recent $500 million investment involving Abu Dhabi's ruling family and World Liberty Financial, a cryptocurrency enterprise connected to the Trump family.
This inquiry specifically targets a transaction finalized in January 2025, in which principals linked to Sheikh Tahnoon bin Zayed Al Nahyan, the national security adviser of the United Arab Emirates, clandestinely agreed to acquire a 49% ownership interest in the firm. The financial arrangement allocated $187 million towards entities associated with the Trump family. Additionally, $31 million was directed to organizations connected to Steve Witkoff and his family, with Witkoff also serving as Trump's envoy to the Middle East.
Representative Khanna expressed grave concerns regarding the implications of this deal, characterizing the circumstances not merely as a scandal but potentially involving violations of multiple laws and constitutional provisions of the United States. In correspondence addressed to Zach Witkoff, Chief Executive Officer of World Liberty Financial and son of Steve Witkoff, Khanna requested comprehensive documentation and responses to 16 detailed inquiries centered on potential conflicts of interest and due diligence practices linked to the transaction, according to reporting by The Wall Street Journal.
Complementing the congressional probe, Khanna has called upon Delaware United States Attorney Ben Wallace to initiate an investigation into a Delaware-registered limited liability company utilized by the Abu Dhabi investors as a vehicle for this capital deployment. Khanna’s broader critique highlights concerns that former President Trump’s policies have neglected American workers and industrial interests, contrasting his approach towards traditional allies and China.
Responding to questions about the investment, former President Trump stated he was not directly involved and indicated that his sons were managing the business affairs relating to the investment.
This investigation unfolds amid an atmosphere of scrutiny regarding the intersection of foreign investments, political affiliations, and cryptocurrency ventures linked to prominent American families.