Key facts
- Senator Elizabeth Warren has written to Commerce Secretary Howard Lutnick questioning US policy toward the UAE.
- The inquiry follows investments by UAE-linked entities in President Donald Trump's family crypto venture, World Liberty Financial.
- The Commerce Department recently granted the UAE greater access to AI chips and license-free exports.
- Warren expressed concerns about potential influence of the President's crypto business interests on national security.
- A group of senators had previously called for hearings into a $500 million investment in World Liberty Financial.
Senator Elizabeth Warren has reportedly requested an explanation from the US Commerce Department regarding its policies toward the United Arab Emirates, specifically concerning access to AI chips. This inquiry stems from recent investments by UAE-linked entities into World Liberty Financial, a cryptocurrency venture associated with President Donald Trump's family.
According to a CNBC report, Warren sent a letter to Commerce Secretary Howard Lutnick expressing concerns that the administration's actions might be influenced by the President's cryptocurrency business interests, potentially impacting national security. The letter follows a decision by the Commerce Department to reclassify the UAE into Country Group A:5, which allows for greater access to license-free exports, including advanced chips. The department also indicated a favorable review for chip and server license applications to MGX, a UAE entity linked to a $2 billion investment in the crypto exchange Binance, reportedly settled using World Liberty's stablecoin.
An Abu Dhabi entity reportedly backed by Sheikh Tahnoon bin Zayed Al Nahyan is said to have made a $500 million investment in World Liberty Financial in January. Warren stated that the department's actions raise significant questions about potential influence from the President's crypto business dealings. This probe is part of ongoing efforts by Democratic lawmakers to investigate the impact of foreign cryptocurrency investments on US policy. Earlier in June, a group of senators, including Warren, had called for hearings concerning the $500 million World Liberty Financial deal.