- US Home Democrats, led by Californian Consultant Ro Khanna, have launched an investigation right into a UAE royal family-linked entity’s US$500 million funding into Trump-owned DeFi venture, World Liberty Monetary (WLFI).
- Khanna wrote to WLFI CEO, Zach Witkoff, looking for details about the deal together with what precisely the UAE acquired, how income are distributed, and the way conflicts of curiosity had been managed.
- Khanna wrote that the deal could have concerned quite a few crimes and doubtlessly even breaches of the US Structure.
US Home Democrats have launched an investigation right into a reported US$500 million (AU$722m) funding made by an entity linked to the United Arab Emirates (UAE) royal household into the Trump family-owned DeFi venture, World Liberty Financial (WLFI).
The investigation was revealed in a report from the Wall Avenue Journal (WSJ) revealed Wednesday, with Californian Democratic Consultant Ro Khanna subsequently posting on X / Twitter on Thursday that he’d been behind the investigation.
“I’ve launched an investigation as rating member of the Choose Committee on China right into a $500 million UAE funding within the Trump household’s cryptocurrency firm,” Khanna wrote.
That is about public belief and transparency.
Donald Trump had (maybe implausibly) beforehand denied any information of the funding, saying Monday “I don’t find out about it…my sons are dealing with that — my household is dealing with it.”
In keeping with the WSJ report, the person behind the funding in Trump-owned WLFI was Sheikh Tahnoon bin Zayed Al Nahyan, a distinguished Emirati politician who has served because the UAE’s Nationwide Safety Adviser since 2016.
Tahnoon’s US$500 million funding in WLFI purchased the UAE a 49% possession stake in WLFI. The WSJ report additionally claimed that Tahnoon sought entry to tightly restricted superior synthetic intelligence laptop chips as a part of the deal.
As a part of his investigation, Khanna despatched a letter containing an inventory of inquiries to WLFI CEO, Zach Witkoff (coincidentally additionally the son of Trump’s Center East Envoy, Steve Witkoff), looking for clarification in regards to the particular particulars of the funding deal. Khanna has additionally sought information regarding WLFI’s revenue and income distribution and knowledge detailing how conflicts of curiosity have been managed.
Khanna additionally referenced different “problematic entanglements” between WLFI, the Trump household and the UAE — together with using WLFI’s USD1 stablecoin to “facilitate a $2 billion funding by the Emiratis into Binance.”
Khanna claimed that the Trump household’s dealings with the UAE could contain quite a few severe crimes and presumably even breaches of the US Structure.
These preparations are usually not only a scandal, however could even characterize a violation of a number of legal guidelines and the US Structure.
US Consultant Ro Khanna Associated: UAE-Backed Fund Bought 49% of Trump-Linked Crypto Firm Ahead of White House Return
Khanna a Proponent of Banning Senior Authorities Officers From Proudly owning Crypto
In October final 12 months, Khanna launched legislation that may ban senior authorities officers — together with the president, vp, members of Congress, and their instant households — from buying and selling crypto, citing considerations over conflicts of curiosity and international interference.
Khanna’s eagerness to see larger regulation and oversight of the trade displays the broader political chasm in Washington between the pro-crypto Republicans and the Democrats, who’re more and more focussed on curbing corruption and battle of curiosity related to crypto.
Associated: Treasury Secretary Bessent Questioned Over Trump-Linked Crypto Firm and Bitcoin Oversight
Khanna has additionally been a robust supporter of elevated transparency across the Epstein information and, on February 5, called for each one who emailed Epstein about visiting his infamous island to be hauled earlier than the US Congress to clarify themselves.
The most recent tranche of Epstein information revealed that early Bitcoin contributor and co-founder of Blockstream, Adam Again, probably visited Epstein’s island in 2014. The information additionally revealed Epstein was an early investor in Blockstream and different crypto startups, together with Coinbase.
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