Democratic Representative Ro Khanna has launched an investigation into a $500 million investment by a UAE royal family member into World Liberty Financial, the Trump family’s cryptocurrency company. The probe examines whether the deal, which directed millions to Trump and Witkoff family entities just before President Trump’s inauguration, influenced a subsequent reversal of U.S. policy on advanced AI chip exports to the UAE. Khanna, announcing the investigation, stated, “This is about public trust and transparency.”
Representative Ro Khanna is investigating a $500 million investment into World Liberty Financial by a UAE royal family member. The probe questions whether the deal impacted U.S. export policy on advanced AI chips.
The investigation follows a report revealing Aryam Investment 1, controlled by UAE advisor Sheikh Tahnoon bin Zayed Al Nahyan, bought a 49% stake in the crypto firm four days before the inauguration. The transaction directed approximately $187 million to Trump family entities and $31 million to entities affiliated with Steve Witkoff‘s family.
Months later, the administration reversed Biden-era restrictions, approving export licenses for tens of thousands of advanced AI chips to the UAE. In a letter to World Liberty Financial CEO Zach Witkoff, Khanna wrote the deal “may have contributed to changes to U.S. policy.” He added that “seemingly subordinating robust policy discussions to the President’s personal financial interests is unacceptable.”
The letter demands 16 categories of records by March 1, including full agreements and payment flows. It also requests any communications related to export controls or the pardon of Binance founder Changpeng Zhao.
Steve Witkoff concurrently serves as President Trump’s Special Envoy to the Middle East. Both he and Donald Trump are listed as co-founders emeritus of the firm on its website.
Khanna noted Sheikh Tahnoon oversees investment vehicles like G42, which has faced U.S. scrutiny over alleged ties to China. The letter also points to a separate $2 billion MGX investment into Binance that used World Liberty Financial’s stablecoin.
Khanna urged federal prosecutors to scrutinize the deal in a letter to Delaware U.S. Attorney Benjamin Wallace. He wrote that, “By all accounts, this is a scandal that would receive far more scrutiny under different political circumstances.”
