WASHINGTON — Sens. Elizabeth Warren and Andy Kim urged Treasury Secretary Scott Bessent to have CFIUS examine a reported $500 million investment tied to the United Arab Emirates that would give an Emirati-linked entity a 49% stake in World Liberty Financial, a cryptocurrency venture associated with the Trump family, Feb. 13, 2026.
The senators said a CFIUS review is needed to determine whether the deal could give a foreign government-backed investor access to sensitive personal information and influence over a company operating in a sector the Trump administration is actively shaping.
CFIUS review urged as Senate Democrats press Treasury for answers
In a letter described by Reuters, Warren, D-Mass., and Kim, D-N.J., asked Bessent — who chairs the Committee on Foreign Investment in the United States, or CFIUS — to determine whether the transaction requires a formal CFIUS review and, if so, to conduct what they called a “comprehensive, thorough and unbiased” investigation. They asked Treasury to respond to a list of questions by March 5.
The lawmakers wrote that the reported investment raises national security concerns, including whether foreign parties could access data the company says it collects. Treasury had no immediate public comment on the letter, Reuters reported.
What we know about World Liberty Financial and the UAE stake
World Liberty Financial was founded shortly before Trump’s November 2024 election victory and is behind the stablecoin USD1, a token designed to hold a $1 value and backed by short-term U.S. Treasurys, dollar deposits and other cash equivalents, according to Reuters. The company lists Trump and businessman Steve Witkoff — now a key Trump envoy — as “co-founders emeritus” and says it is run by members of the Trump and Witkoff families.
World Liberty Financial spokesman David Wachsman defended the investment and said Trump and Witkoff had no role in the deal and have not been involved with the business since Trump returned to office, according to The Washington Post. Wachsman said the company made the deal because it believed it was best for the business and called suggestions that it should be held to a unique fundraising standard “ridiculous and un-American.”
A White House spokeswoman said Trump’s assets are held in a trust managed by his children and that there are no conflicts of interest, the Post reported. Trump aides have also said his business ventures are being reviewed by outside ethics lawyers.
How a CFIUS review works and why it matters here
CFIUS is a Treasury-led interagency committee authorized to review certain foreign investments in the United States — and some real estate transactions by foreign persons — to assess national security risk. While the process is often voluntary, the Treasury Department says filings can be mandatory in some cases, including when a foreign government is acquiring a “substantial interest” in certain U.S. businesses. (See the Treasury Department’s CFIUS overview.)
CFIUS reviews are typically confidential. In broad terms, the committee can clear a deal, require mitigation measures to address identified risks, or recommend that the president block or unwind a transaction. Warren and Kim asked Bessent to clarify whether the committee reviewed the reported UAE transaction “in any form” and whether any recommendations were submitted to the White House.
Why lawmakers say the deal is a CFIUS test case
In their letter, Warren and Kim argued that World Liberty Financial’s business model could heighten CFIUS concerns because crypto markets depend on cross-border flows and because the firm says it collects sensitive personal information. Even a minority stake, they wrote, could create risk if it comes with governance rights, board representation or operational influence.
The senators also pointed to the reported involvement of entities tied to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, and cited intelligence warnings they said involve G42, an Abu Dhabi company linked to Sheikh Tahnoon. They wrote that these concerns underscore the need for a rigorous CFIUS review.
House inquiry adds pressure beyond CFIUS
Separately, Rep. Ro Khanna, D-Calif., the ranking member of the House Select Committee on the Chinese Communist Party, opened an inquiry into the reported investment and related dealings. In a Feb. 4 letter to World Liberty Financial Inc. co-founder Zach Witkoff, Khanna cited reporting that lieutenants to an Abu Dhabi royal agreed to purchase the 49% stake shortly before Trump’s inauguration and raised questions about whether the arrangement intersected with U.S. policy decisions involving advanced AI chips and other matters. The letter also raised questions about the use of World Liberty Financial’s USD1 stablecoin in a separate $2 billion transaction tied to Emirati interests. (Read Khanna’s letter.)
While Khanna’s letter did not allege wrongdoing by CFIUS, it intensified scrutiny around what guardrails federal agencies may be using to evaluate a major foreign stake in a crypto company linked to a sitting president’s family.
Older reporting shows the controversy predates the latest CFIUS push
Concerns about foreign money around the Trump family’s crypto ventures did not begin with the latest calls for a CFIUS review. A Reuters investigation in October 2025 found the president’s family and related entities reaped more than $800 million from sales of crypto assets in the first half of 2025, with much of that money coming from foreign sources as Trump’s sons promoted World Liberty Financial internationally. (See the Reuters examination.)
Earlier, World Liberty Financial said it planned to launch USD1 after raising more than $550 million from sales of its WLFI token, Reuters reported in March 2025 — a milestone that helped shift the venture from a campaign-season announcement into a larger presence in crypto markets. (Read the March 2025 Reuters report.)
And the UAE-linked investor at the center of the current controversy has faced U.S. scrutiny in other contexts. Reuters reported in July 2024 that Republican lawmakers raised concerns about China-related risks in Microsoft’s deal with G42, a company chaired by Sheikh Tahnoon. (See the July 2024 Reuters story.)
What comes next
For now, the key question is whether Treasury determines that CFIUS jurisdiction applies and whether the committee opens a formal review. Even if CFIUS does not take public action, lawmakers are likely to keep pressing for answers about ownership, governance rights and data access tied to the UAE stake.
With both a Senate request and a House inquiry now underway, the reported investment is shaping up as an early test of how the Trump administration will handle CFIUS decisions that sit at the intersection of foreign capital, emerging financial technology and presidential business ties.
