Senate Democrats Urge Trump Envoy to Divest $120M Crypto Stake
Senate Democrats intensify scrutiny of Steve Witkoff’s crypto ties to World Liberty Financial amid U.A.E. links and potential conflicts with U.S. diplomatic initiatives.
Senate Democrats have increased pressure on Steve Witkoff, President Donald Trump’s Middle East envoy, over his cryptocurrency involvement with Trump-linked ventures such as World Liberty Financial (WLFI) and WC Digital Fi LLC. Witkoff’s continued holdings, despite a May 2024 divestment pledge, have raised concerns about conflicts of interest tied to U.A.E. business connections, including a $2 billion investment from Emirati firm MGX into Binance via its USD1 stablecoin. Lawmakers cite possible overlaps between U.S. diplomatic projects and Witkoff’s financial interests. Concurrently, Coinbase CEO Brian Armstrong is meeting with lawmakers and White House officials to advance bipartisan crypto legislation.
- Cryptocurrency Holdings: Digital assets such as Bitcoin or Ethereum held by individuals or institutions, which may be subject to disclosure requirements under certain regulations.
- Divestment: The process of selling off assets or investments, often for ethical, legal, or political reasons.
- Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset, such as the U.S. dollar.