Donald Trump Defends Sons' Crypto Business as Reported $500M UAE Stake Raises Questions About His Role
The president said he knows little about the company and cannot tell his sons to stop operating it
Donald Trump has defended his family's cryptocurrency business, acknowledging he co-owns World Liberty Financial while saying his sons run it, as a reported $500m UAE-linked investment renews scrutiny.
In a 60 Minutes interview broadcast on 8 November, Ross Douthat asked why Trump had not divested his stake. 'Because I know nothing about it,' Trump replied. He said he could not tell his sons to stop operating while he was president.
The interaction centred on whether retaining an ownership interest could create a conflict even if family members handled the company's day-to-day management.
The exchange revived scrutiny of a deal in which Abu Dhabi investment vehicle Aryam Investment 1 agreed to pay $500m for 49 per cent of World Liberty.
Backed by UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, it signed an agreement with Eric Trump on 16 January 2025, four days before the inauguration, according to the Wall Street Journal.
Trump argued that every president faces conflicts involving people who work for them. Douthat asked whether Trump would call similar investment in a Biden-owned company corrupt. Trump said Wall Street firms manage much of his money but maintained that his sons ran World Liberty.
UAE Stake Adds To Questions Over AI Chip Policy
According to the Wall Street Journal, $187m from the initial $250m payment was allocated to Trump family entities.
At least $31m was earmarked for entities affiliated with the family of Steve Witkoff, a World Liberty co-founder who has already been named Trump's Middle East envoy.
The investment came as the UAE sought advanced US AI chips. Reuters reported in May 2025 that negotiators had reached a preliminary agreement for annual exports of up to 500,000 Nvidia chips, including 100,000 for Abu Dhabi-based G42. In November, the Commerce Department authorised G42 to buy the equivalent of up to 35,000 Nvidia Blackwell chips.
A June 2026 report by Democratic staff on the Senate Banking Committee alleged a broader pattern in which UAE investments were followed by US policy actions benefiting the country, including access to chips.
The White House and World Liberty denied that the crypto investment influenced chip policy. The report did not establish a quid pro quo.
Warren Could Gain New Powers To Scrutinise Crypto
Senator Elizabeth Warren called the deal 'corruption, plain and simple'. She is expected to become committee chair in January 2027, with greater powers to investigate financial firms.
Reuters reported that scrutiny could include the OCC's preliminary approval of a World Liberty-linked bank charter.
In August 2026, the Office of the Comptroller of the Currency granted preliminary conditional approval to World Liberty Trust Company to establish a national trust bank. It has not received final approval to operate.
Trump's 2025 financial disclosure, filed in 2026, reported more than $1.4bn in crypto-related proceeds and royalties. The Washington Post's breakdown included $525m from World Liberty token sales, $65m from an equity sale, $196m from a stablecoin transaction and $635m in royalties from a Celebration Coins licence agreement connected to CIC Digital LLC. These figures are not net profit.
The Constitution's Foreign Emoluments Clause bars federal officeholders from accepting certain gifts or emoluments from foreign states without congressional consent. Whether it applies to this private investment remains disputed; no court has ruled that the deal violates the clause.
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