President Donald Trump and his special envoy Steve Witkoff are poised to reap significant financial rewards from a $2 billion investment in their cryptocurrency venture by Abu Dhabi, raising concerns over potential conflicts of interest. The investment, made by a firm controlled by Abu Dhabi's sovereign wealth fund, targets World Liberty Financial, a crypto firm where Trump and Witkoff hold substantial stakes.
According to the venture's website, a Trump family subsidiary owns 60% of World Liberty and is entitled to 75% of net income from coin sales, while a Witkoff family firm receives 12.5%. The firm reported over $550 million in token sales in its first five months, with most occurring after Trump's election, generating undisclosed fees and profits for both families.
The deal, described as the largest single purchase of World Liberty's cryptocoins, comes as Trump has agreed to allow the UAE to buy more advanced AI semiconductors from US companies, reversing Biden-era restrictions. Critics argue that such arrangements blur the line between public service and private profit, as presidents typically do not maintain businesses that sell investment vehicles to foreign leaders seeking favour.
Witkoff, a longtime friend and business partner of Trump, was appointed as a special envoy for the Middle East. He promoted World Liberty at a crypto conference in Dubai before Trump's inauguration and has met with Gulf leaders, including Saudi Arabia's Mohammed bin Salman and the UAE's Mohamed bin Zayed, who command vast sovereign wealth funds.
Democrats have labelled the ethics conflict as 'plain as day', noting that the arrangement allows Trump and Witkoff to straddle public and private interests. The White House has not commented on the matter.
