Senators Demand Investigation into Trump Family Crypto Deal
Democratic Senators Jeff Merkley and Elizabeth Warren have called on the Office of Government Ethics to investigate a recent cryptocurrency deal involving the Trump family’s firm, World Liberty Financial. The senators expressed concerns that the deal could create a significant conflict of interest and open the door to foreign influence.
World Liberty Financial, launched by former President Donald Trump and his sons, announced a deal involving its new stablecoin to facilitate a $2 billion transaction between Emirati firm MGX and cryptocurrency exchange Binance. Merkley and Warren argue that this transaction could violate the Constitution and pose a national security risk.
The senators highlighted that World Liberty Financial’s connections to both the Trump and Witkoff families create a potential backdoor for foreign kickbacks and bribes. Steve Witkoff, a co-founder of the firm and Trump’s special envoy to the Middle East, and his son Zach Witkoff, also a co-founder, stand to benefit financially from the deal.
“The Trumps and Witkoffs will likely indirectly receive hundreds of millions of dollars through this transaction,” Merkley and Warren warned. They emphasized that the deal involves a foreign government entity and a private company with significant business before the U.S. government, creating a substantial conflict of interest.
The senators also raised concerns about the parties involved in the deal. Binance previously settled criminal charges with the Department of Justice and is seeking a pardon for its convicted founder. MGX has close ties to the UAE government through its chairman, who serves as national security advisor and reportedly lobbied the Trump administration for lighter restrictions on U.S. technology exports.
“In short, a crypto firm whose founder needs a pardon and a foreign government spymaker coveting sensitive U.S. technology plan to pay the Trump and Witkoff families hundreds of millions of dollars,” Merkley and Warren wrote. They added that the potential for corruption and quid pro quo in this deal is alarming.
The Office of Government Ethics is urged to investigate this matter to prevent potential foreign influence and conflicts of interest that could endanger national security.
