Two US senators are calling on the Treasury Department to investigate a reported $500 million foreign investment in World Liberty Financial (WLFI), a cryptocurrency venture tied to the Trump family, citing national security and data protection concerns.
Massachusetts Senator Elizabeth Warren and New Jersey Senator Andy Kim sent a letter on Friday to Treasury Secretary Scott Bessent requesting that the Committee on Foreign Investment in the United States (CFIUS) examine whether a UAE-backed investment vehicle’s purchase of a 49% stake in WLFI should trigger a formal national security review.
According to the senators’ letter, the transaction took place just days before Donald Trump’s inauguration and would make the foreign fund WLFI’s largest shareholder and the only publicly known outside investor. The deal was reportedly backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s National Security Adviser.
Warren and Kim asked Bessent, who chairs CFIUS, to confirm whether the committee was notified of the deal and to conduct a “comprehensive, thorough, and unbiased investigation” if necessary. The senators requested answers by March 5.
The investment structure raises concerns about foreign influence over a US company handling sensitive financial information. According to the senators, approximately $187 million from the deal was directed to entities linked to the Trump family. The agreement also allegedly granted two board seats to executives from G42, a technology company that US intelligence agencies have previously scrutinized over alleged ties to China.
WLFI collects and processes considerable amounts of personal data on its users, including wallet addresses, IP addresses, device identifiers, approximate location data, and identity records through service providers. The senators emphasized that CFIUS exists precisely to review foreign investments that could provide access to sensitive technologies or personal information belonging to American citizens.
This is not the first time lawmakers have raised concerns about WLFI and foreign involvement.
Last November, Senators Warren and Jack Reed sent a letter to the Justice Department and Treasury Department citing claims that WLFI governance tokens were purchased by blockchain addresses allegedly tied to North Korea’s Lazarus Group, as well as addresses connected to Russian and Iranian entities. Those allegations prompted calls for an investigation into potential sanctions violations.
The senators’ latest action underscores growing scrutiny of cryptocurrency ventures with Trump family connections and the intersection of digital assets with national security policy. CFIUS typically reviews transactions involving foreign buyers acquiring stakes in US companies that handle sensitive data or technology.
When asked about the reported investment earlier this month, President Trump stated he had no direct involvement in the deal.
“My sons are handling that — my family is handling it,” Trump told reporters. “I guess they get investments from different people.”
Trump added that he was unaware of the specific multimillion-dollar investment tied to the Abu Dhabi royal family.
The Treasury Department and CFIUS have not yet publicly commented on whether a formal review has been initiated or whether the committee was notified before the transaction’s announcement. The deadline set by Warren and Kim for a response falls on March 5, providing a clear timeline for Treasury officials to address the senators’ concerns.
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