• Warren and Slotkin flagged potential conflicts tied to David Sacks and Steve Witkoff’s UAE-linked policy influence.
• A $2B MGX investment in World Liberty Financial’s stablecoin USD1 raised further concerns about foreign financial ties.
• Senators pressed oversight agencies, linking the case to broader debates on digital asset regulation and national security.

Two Democratic senators are pressing oversight agencies to review potential conflicts involving former Trump administration officials tied to World Liberty Financial. In a September 24 letter, Senators Elizabeth Warren of Massachusetts and Elissa Slotkin of New York raised concerns over links between government decisions, financial interests, and sensitive technology sales. Their appeal centers on David Sacks and Steve Witkoff, two figures they say shaped national security policy while maintaining undisclosed business connections abroad.

Allegations of Undisclosed World Liberty Financial Relationships

The senators said Sacks and Witkoff influenced White House policy on easing export restrictions for advanced artificial intelligence systems to the United Arab Emirates. According to their letter, both men failed to disclose financial ties to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security advisor.

Warren and Slotkin argued that the undisclosed connections created a direct conflict with national security obligations. They pointed to allegations that Sacks and Witkoff were positioned to affect decisions that could personally benefit them while shaping U.S. defense policy.

Stablecoin Deal Raises Further Concerns

The lawmakers also drew attention to World Liberty Financial’s dealings with foreign investors. They noted that MGX, a state-owned firm under Sheikh Tahnoon’s control, invested $2 billion into the company’s stablecoin USD1. The investment was reportedly tied to transactions involving Binance.

Slotkin and Warren said Zach Witkoff, the son of Steve Witkoff and current CEO of World Liberty Financial, did not step aside from U.S. policy decisions involving the UAE despite his company’s financial arrangements with MGX. This raised further questions about impartiality in policymaking.

Senators Press Oversight Bodies

In their letter, the senators urged three oversight officials to conduct a full review of the allegations. They stressed that the matter involves significant national security implications. The request emphasizes the need for clear accountability as Congress weighs new digital asset regulations.

Warren and Slotkin wrote that in U.S. foreign policy history, few examples exist of senior officials managing such direct conflicts. They described the situation as one that requires immediate evaluation. Their letter underscored that conflicts of interest in national security decisions must be addressed to maintain public trust.

The senators also connected the issue to ongoing debates in Congress over digital asset oversight. They said information from the investigation would inform efforts to design stronger market structure rules. According to them, preventing corruption tied to cryptocurrency transactions is essential to protecting U.S. security interests.