House probe targets World Liberty Financial after report of $500 Million UAE stake
A House investigation is probing World Liberty Financial over a reported $500 million UAE stake and its stablecoin's role in a major Binance transaction.Summary
Congressional investigators, led by Rep. Ro Khanna of the House Select Committee on the Chinese Communist Party, are probing World Liberty Financial, a crypto venture linked to Donald Trump. The inquiry stems from a report that an Abu Dhabi-linked entity secretly agreed to buy a 49% stake for $500 million just before Trump's 2025 inauguration. Khanna has formally requested ownership records, payment trails, and internal communications, specifically asking if $187 million flowed to Trump family entities. A major focus is World Liberty's USD1 stablecoin, which was used to settle a $2 billion investment by MGX into the Binance crypto exchange. Lawmakers seek documentation on the stablecoin's selection, revenue from the transaction, and any company involvement in discussions surrounding the subsequent presidential pardon of Binance founder Changpeng Zhao. World Liberty must preserve relevant records related to conflicts of interest, export controls, and dealings with UAE or Chinese entities by March 1.
(Source：CoinDesk)