Representative Ro Khanna launched an investigation Thursday into a $500 million United Arab Emirates investment in World Liberty Financial (WLFI), the Trump family's cryptocurrency company, raising conflict-of-interest and national security concerns.
The probe centers on whether the deal influenced U.S. policy on advanced AI chip exports to the UAE.
Khanna serves as ranking member of the House Select Committee on the Chinese Communist Party.
What Happened
Aryam Investment 1, controlled by UAE national security advisor Sheikh Tahnoon bin Zayed Al Nahyan, reportedly purchased a 49% stake in World Liberty Financial for $500 million on January 16, 2025.
The agreement was signed four days before Trump's inauguration. The deal directed approximately $187 million to Trump family entities and $31 million to entities affiliated with Steve Witkoff's family. Steve Witkoff serves as Trump's Special Envoy to the Middle East. His son Zach Witkoff is World Liberty Financial's CEO.
Within months, the Trump administration reversed Biden-era restrictions on AI chip exports. The administration approved export licenses allowing the UAE access to tens of thousands of advanced chips previously blocked over concerns about diversion to China.
Khanna's letter argues the transaction "may have contributed to changes to U.S. policy intended to prevent the diversion of advanced artificial intelligence chips to China from the UAE."
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Why It Matters
The letter demands 16 categories of records by March 1, including agreements, payment flows, and conflict-of-interest safeguards. Khanna also requested communications related to export controls and President Trump's pardon of Binance founder Changpeng Zhao.
The investigation examines World Liberty Financial's USD1 stablecoin, which facilitated a $2 billion MGX investment in Binance.
Sheikh Tahnoon oversees G42 and MGX, UAE investment vehicles that have sought U.S. semiconductor access despite China-related scrutiny.
Khanna wrote the arrangements "may even represent a violation of multiple laws and the United States Constitution." President Trump told reporters he was unaware of the transaction.
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