White House Envoy Steve Witkoff Faces Senate Scrutiny Over $2 Billion UAE Crypto Deal and Undivested Holdings

Washington D.C. – White House envoy Steve Witkoff is currently under intense scrutiny from Senate Democrats regarding his continued crypto holdings tied to World Liberty Financial, a venture co-founded with the Trump family. Financial disclosures have revealed that Witkoff has not fully divested from the company, prompting concerns over potential conflicts of interest, particularly in light of a recent $2 billion investment deal involving the United Arab Emirates. As Cointelegraph reported, "White House envoy Steve Witkoff faces Senate scrutiny after disclosures showed crypto holdings tied to Trump’s World Liberty Financial."

Senator Adam Schiff (D-Calif.), leading a group of eight Democratic senators, has pressed Witkoff to explain why his latest ethics disclosure, dated August 13, still lists stakes in World Liberty Financial and other crypto-related entities. The senators expressed serious questions about his compliance with federal ethics laws, stating, "Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, ability to serve the American people over your own financial interests." This comes despite previous commitments to divest his holdings.

World Liberty Financial, co-founded by Witkoff's sons and former President Trump's sons, including Donald Jr., Eric, and Barron, has been at the center of controversy. The company announced a $2 billion investment from the UAE's MGX, an investment firm overseen by Sheikh Tahnoon bin Zayed Al Nahyan, into Binance using World Liberty Financial's USD1 stablecoin. This significant transaction occurred just weeks before the White House granted the UAE access to advanced artificial intelligence chips, a matter in which Witkoff was reportedly involved in discussions.

Critics argue that Witkoff's ongoing financial interests in World Liberty Financial could influence his diplomatic duties, especially in the Middle East. The senators highlighted that "As long as you maintain ownership of these assets, you stand to profit from any decisions you are involved with while serving in the Administration." While Witkoff has divested a $120 million stake in his real estate company, his crypto holdings remain, intensifying calls for transparency.

A White House official stated that Witkoff "is working with ethics officials and counsel to ensure he is in full compliance with those rules, including taking all the legal steps necessary to divest." However, the delay in divestment and the timing of the UAE deals have fueled concerns among lawmakers. The Senate Democrats have requested a detailed response from Witkoff by October 31, seeking clarification on his financial interests and any ethics waivers he may have received.