Five Democratic senators urged Republican Senate leaders to hold immediate hearings on a $500 million deal between the Trump family's crypto project and investors from the United Arab Emirates. In a letter dated Tuesday, the lawmakers described the chain of events as a potential national security concern.
What the senators are demanding
Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden signed the letter, directing it at Republican leadership that controls Senate committee schedules and agendas. The Democrats want Trump administration officials summoned to testify.
"Congress has a responsibility to investigate the details of the reported investment and whether it influenced subsequent actions by President Trump and the Trump Administration," the letter states. The senators described the chain as "deeply concerning."
The letter also accuses the administration of weakening oversight of digital asset markets. The signatories say crypto service providers are being exempted from financial regulations and enforcement units are being cut. Warren had previously raised the deal in a February letter to Treasury Secretary Scott Bessent.
World Liberty Financial and the $500 million from Abu Dhabi
World Liberty Financial (WLF) is a DeFi project tied to the Trump family. The exact financial benefit flowing to family members has not been disclosed. The Wall Street Journal reported that in January 2025, an Abu Dhabi company backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser, agreed to invest $500 million in WLF.
Sheikh Tahnoon also chairs Abu Dhabi Investment Authority and MGX, a technology fund focused on AI and crypto assets. Months after the WLF deal was signed, the Trump administration approved major arms and AI chip sales to the UAE. US intelligence agencies had previously flagged risks around deeper technology cooperation with the country.
"We are deeply concerned about this series of events, which raise questions about what more the UAE may receive at the expense of US national security," the senators wrote.
Binance, the USD1 stablecoin, and the Zhao Changpeng pardon
The WLF deal connects to another high-profile decision. In 2025, Binance raised $2 billion from Abu Dhabi's MGX fund, with the funds transferred through USD1, the stablecoin issued by WLF. USD1's market cap had passed $2.1 billion at the time of the transaction.
Shortly before the Binance-MGX deal was signed, Trump pardoned Binance founder Changpeng Zhao. In 2024, Zhao received a four-month prison sentence and was ordered to pay $4.3 billion in fines for anti-money laundering violations.
Another major WLF backer, Justin Sun, founder of the TRON network, also drew congressional scrutiny. Democrats had pressed SEC Chair Paul Atkins to explain the decision to drop a fraud case against Sun. No response came from the commission. Senator Peter Welch and Representative Dave Min separately launched a review of Trump's pardons.
Whether hearings will happen
For hearings to take place, a Republican committee chair would need to add the topic to a committee agenda. Republicans have blocked every Democratic request of this kind since early 2025. With the GOP holding the Senate majority, that pattern is unlikely to change.
WLF and UAE officials have not publicly responded to the letter. Bitcoin was trading around $62,700 at the time of publication with no visible market reaction.
Since early 2025, Democrats have sent similar letters to the SEC, Treasury Department, and CFTC about Trump family crypto ventures. None produced public hearings. Tuesday's letter follows the same track.
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