Senator Adam Schiff (D-Calif.) along with seven other Senate Democrats questioned U.S. envoy Steve Witkoff about his stake in World Liberty Financial, a cryptocurrency initiative started last year by the Trump and Witkoff families.
As of mid-August, Witkoff, who has been involved in negotiating deals for President Trump globally, still held shares in the company, according to White House financial reports.
The senators highlighted that the lack of divestment raises significant concerns regarding adherence to federal ethics guidelines and the capacity to prioritize the public good over personal financial gain.
They noted, “As long as we maintain ownership of these assets, we can benefit from any decisions we make within the administration that we engage in.”
Schiff’s letter was also endorsed by Senators Dick Durbin (D-Ill.), Ron Wyden (D-Ore.), Andy Kim (D-J.), Catherine Cortez Masto (D-Nev.), Gary Peters (D-Mich.), Elissa Slotkin (D-Mich.), and Cory Booker (D-J.).
Zach Folkman, co-founder of World Liberty Financial, mentioned in May that Witkoff was “in the process of fully exiting” the business. Yet, his financial disclosures from August still showed the company listed among his assets and income.
The senators expressed worries about Witkoff’s connections with Sheikh Tahnoun bin Zayed Al Nahyan from the United Arab Emirates. Sheikh Tahnoun’s investment firm MGX reportedly invested $2 billion of World Liberty Financial’s stablecoin in Binance earlier in May.
Additionally, Sheikh Tahnoun’s AI enterprise G42 is expected to obtain numerous AI chips following an agreement by the Trump administration that allows the UAE access to advanced technology.
In their letter, the senators emphasized, “To the extent that you maintain ownership and personal financial interest in World Liberty Financial, you stand to benefit from increases in the company’s value and profitability, including through sales and partnerships with foreign companies that you are likely to engage with in your official role as a special envoy.”
Eight Democratic senators inquired whether Witkoff still has financial stakes in World Liberty Financial and other Trump-associated businesses, if he has consulted the U.S. Office of Government Ethics, and whether he holds any ethics waivers for his duties in the administration.
The Hill has reached out to the White House for a response.
