Senate Democrats called on Steve Witkoff, President Donald Trump’s special envoy to the Middle East, to provide more details about his personal crypto holdings, raising questions about potential conflicts of interest.
Led by Sen. Adam Schiff (D—Calif.), eight senators requested that Witkoff explain why his latest ethics disclosure showed ongoing stakes in a Trump-linked cryptocurrency and other crypto-related business entities.
“Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, ability to serve the American people over your own financial interests,” the senators wrote in the letter.
Zach Witkoff co-founded World Liberty Financial with members of the Trump family in 2024. Zach Witkoff, Donald Trump Jr., Eric Trump, and Barron Trump are listed as founders.
Steve Witkoff and Donald Trump are listed as “co-founders emeritus” and are not actively involved in the day-to-day operations.
The firm said in May that Witkoff was in the process of fully divesting from the project.
While he has since sold a $120 million stake in his real estate company, his most recent ethics disclosure, dated Aug. 13, indicates that he still holds cryptocurrency for World Liberty Financial, as well as shares in WC Digital Fi LLC — an entity linked to Witkoff and his family—and portions of two other crypto-related businesses, WC Digital SC LLC and SC Financial Technologies LLC.
Democrats argue that Witkoff’s ongoing crypto business interests could create conflicts of interest, particularly given his diplomatic role in the Middle East and World Liberty Financial’s business ties to the United Arab Emirates (U.A.E.).
The inquiry comes after a New York Times investigation revealed Witkoff’s involvement in a multibillion-dollar AI project between the U.S. and U.A.E. coincided with World Liberty Financial negotiating its own multibillion-dollar deal with an Emirati state venture firm.
In May, the U.S. signed an agreement to build the largest AI campus outside the U.S., while two weeks earlier, World Liberty Financial announced a $2 billion investment from U.A.E. state company MGX into crypto exchange Binance was paid in its USD1 stablecoin.
Fortune was the first to report this news.
Coinbase CEO to discuss crypto in D.C.
Coinbase CEO Brian Armstrong is traveling to Washington, D.C. today, to meet with Senate Democrats, Republicans, and White House officials to discuss ongoing crypto market structure.
Armstrong said momentum for market structure clarity is “at an all-time high,” noting bipartisan commitment to legislation even amid a government shutdown.
He emphasized the need to work toward getting a bill to President Trump’s desk, highlighting ongoing efforts to provide clarity and oversight for the crypto industry.
