U.S. Senate Committee on Banking, Housing and Urban Affairs minority urges federal watchdogs to investigate alleged UAE-linked conflicts involving USD1 stablecoin

Senators Elizabeth Warren and Elissa Slotkin, from the Democratic minority on the U.S. Senate Committee on Banking, Housing and Urban Affairs, sent a letter to the Acting Inspectors General at the U.S. Departments of Commerce and State and the Acting Director of the U.S. Office of Government Ethics requesting investigations into potential conflicts of interest involving David Sacks and Steve Witkoff. The request centres on their alleged roles in a White House decision to relax national security restrictions on shipments of advanced AI systems to the United Arab Emirates and whether they stood to benefit from UAE-linked crypto-related deals, including a USD 2 billion investment in President Trump’s stablecoin, USD1. The letter points to a New York Times investigation describing connections between the Trump family’s cryptocurrency firm and an agreement giving the Emiratis access to advanced AI chips, and asks for more information on the officials’ advocacy for sensitive technology sales to the UAE. It also highlights that Witkoff retains a financial interest in World Liberty Financial and that his son brokered the USD 2 billion UAE-backed deal tied to USD1, while Sacks continues to manage a venture fund backed by Emirati money that invests in the infrastructure behind USD1, arguing these ties are relevant as Congress considers digital asset market structure legislation.