Democratic Party Warren: Trump WLF, UAE MGX involved in encryption and chip black box trading

The project of encryption by U.S. President Trump and his family, World Liberty Financial (WLF), along with the high-value AI chip export case from the UAE, is drawing the attention of Congress. Democratic Senators Elizabeth Warren and Elissa Slotkin sent letters to several federal regulatory agencies on 9/24, demanding an investigation into Trump, questioning whether the family and senior White House officials might have exploited their power for profit, potentially leaving a gap in U.S. national security.

The New York Times reveals the black box trading of WLF and AI chip exports.

According to The New York Times, UAE investment firm MGX previously announced a $2 billion investment in the world's largest exchange Binance (Binance), but the source of the funds is the stablecoin USD1 launched by WLF.

Just two weeks later, the Trump administration approved the UAE to acquire hundreds of thousands of the world's most advanced and scarce AI chips for high-end AI competition. Reports indicate that these chips belong to national security critical technologies, and the timing and correlation of the two transactions have raised questions from the outside.

( WLFI, based in Dubai, announces USD1 as the official stablecoin for the UAE MGX investment of 2 billion dollars ).

Democratic Party members sent a letter requesting an investigation, national security issues are imminent.

In this context, Democratic Senator Warren and Slotkin jointly sent a letter to the heads of three government agencies, namely the Acting Inspector General of the Department of Commerce, the Acting Director of the Office of Government Ethics, and the Acting Inspector General of the State Department. The letter requested a thorough investigation into the roles of President Trump, family members, White House AI encryption czar David Sacks, and U.S. Middle East envoy Steve Witkoff.

Currently, Zach Witkoff, the son of Witkoff, serves as the CEO of WLF, while Trump and his three sons are co-founders of the company. Two senators pointed out that Witkoff and Sacks may have manipulated related transactions and profited privately in government decision-making, posing a potential national security risk.

The image is a stakeholders diagram provided by the New York Times.

( WLFI co-founder is actually a real estate giant from the United States! Revealing the background of core members and their interests )

The White House and the Trump family rebut profit-making allegations.

In response to the doubts, both the White House and WLF denied through the media that the two transactions are related. Trump’s son Eric Trump also emphasized during an interview with CNBC that the family established WLF because they were rejected by banks and had to seek new financial channels. Eric stated:

“My father is the first person who didn't make money from the presidential position. We have always had the identity of entrepreneurs and startups, and this time we are investing in encryption out of necessity.”

The CLARITY agenda may be delayed because of this matter, and Democratic members are urging for a swift investigation.

The U.S. Congress is currently drafting the cryptocurrency market structure bill, the “CLARITY Act.” Due to the differing versions in the House and Senate, Senate Banking Committee Chairman Tim Scott has expressed hope to reach a consensus by the end of September, but this may delay the bill's agenda.

Warren and Slotkin emphasized in the letter that this case must be clarified as soon as possible to prevent incidents related to Trump's “encryption corruption” from undermining U.S. national security and to ensure that the legislative process is not affected by conflicts of interest.

This article Democrat Warren: Trump WLF, UAE MGX involves encryption and chip black box trading first appeared in Chain News ABMedia.