A U.S. House investigation is looking into whether Trump-linked cryptocurrency venture World Liberty Financial and its dollar-pegged tokens are entangled with foreign sovereign capital and U.S. technology policy.
Previously, the Wall Street Journal reported that an Abu Dhabi-linked entity secretly agreed to acquire a 49% stake in World Liberty Financial for $500 million shortly before President Donald Trump was inaugurated in early 2025.
Rep. Ro Khanna (D-Pa.), ranking member of the House Select Committee on Chinese Communist Party, a temporary panel in the U.S. House of Representatives tasked with investigating and studying how China affects U.S. interests, has sent a formal letter asking the company to provide ownership records, payment details and internal communications in an investigation surrounding potential conflicts of interest, national security risks related to export controls on artificial intelligence chips and the role of World Liberty’s $1 stablecoin in another $2 billion investment in Binance.
Khanna’s letter asked World Liberty to confirm details of the reported UAE investment, including whether $187 million went to Trump family entities and whether additional payments were made to affiliates of the company’s co-founder.
The House inquiry also requested capital statements, profit distributions, board appointment records and due diligence materials related to Aryam Investment 1, a company named in media reports.
A large part of the investigation focuses on World Liberty’s U.S. dollar-pegged stablecoin USD1, which was used to settle MGX’s $2 billion investment in cryptocurrency exchange Binance.
Khanna and lawmakers are seeking documents about how USD1 was selected, the revenue generated by the transactions and whether company personnel were involved in discussions surrounding Binance founder Changpeng Zhao’s subsequent presidential pardon.
The House committee also directed the company to maintain electronic communications and internal compliance policies related to conflicts of interest, export controls and dealings with entities related to the United Arab Emirates or China.
World Liberty has until March 1 to deliver the requested records.
