Democrats Seek Probe Over Secret $500M Deal Between Trump Family and UAE Spy Chief

Top-ranking Senate Democrats are calling for hearings into a secret $500 million investment in the Trump family's cryptocurrency venture from a group led by a senior Emirati royal.

In a letter addressed to Republican committee chairs on Tuesday, the senators argued that the investigation would compel officials to explain what they knew about the transaction under oath.

Emirati Investment in Trump Crypto

The agreement sold a 49% stake in World Liberty Financial, a crypto venture co-founded by the Trump family and U.S. special envoy to the Middle East Steve Witkoff.

The buying group was led by Sheikh Tahnoon bin Zayed al Nahyan, brother to the United Arab Emirates’ president and head of the country's spy agencies.

Signed by Eric Trump four days before Donald Trump’s inauguration, the transaction directed at least $187 million to Trump family entities.

An additional $31 million was steered to entities linked to Witkoff’s family, according to documents first reported by The Wall Street Journal.

"Pay to Play" Scheme

Four months after the deal, the Trump administration announced a framework agreement granting the U.A.E. access to highly coveted AI chips.

The Biden administration had previously blocked the Gulf nation from receiving these chips due to concerns regarding its relationship with China.

Democratic lawmakers stated the investment raises critical questions about what the U.A.E. may have received at the expense of U.S. national security.

A Senate Banking Committee report warned of a potential "pay to play" scheme enriching the families of the president and senior officials.

White House spokeswoman Anna Kelly emphasized that President Trump’s businesses are held in a trust managed by his children.

She stated the AI chips deal was based entirely on U.S. interests and had no connection to World Liberty Financial.

Legislative Gridlock and Broad Scrutiny

The push for hearings faces political hurdles, as any official proceedings will require Republican support.

Republican lawmakers have not publicly criticized the deal, and a spokeswoman for Senate Judiciary Chairman Chuck Grassley called the Democratic letter hypocritical, given past Biden administration allegations.

The scrutiny follows a separate report listing policy actions that allegedly benefited U.A.E. investors after the crypto transaction.

These included the approval of a 15% sale of TikTok's U.S. operations to MGX, an entity led by Tahnoon, and the pardon of Binance founder Changpeng Zhao.

The legislative push adds to a broader effort by Democrats, including a separate investigation launched by California Representative Ro Khanna in February.

Administration officials have so far deflected questions, with Treasury Secretary Scott Bessent testifying in April that he was unaware of the investment.