Trump Denies Crypto Role As Sons Run World Liberty

US President Donald Trump has defended his family’s cryptocurrency business, World Liberty Financial, stating that he has no involvement in its operations and cannot prevent his sons from pursuing business opportunities while he is in office. According to CryptoNews, Trump acknowledged his co-ownership in the company during a November 8 interview with CBS News, while maintaining that his children manage the enterprise independently of his presidential responsibilities.

The president defended his decision not to divest, indicating that he could not ask his sons to halt their business activities for a four-year presidential term. The venture has faced ongoing scrutiny regarding foreign investments, including a reported $500 million investment linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan.

Congressional Scrutiny and UAE Ties

The scrutiny surrounding World Liberty Financial involves its financial and ownership ties to Abu Dhabi-backed entities. An investment vehicle linked to Sheikh Tahnoon acquired a 49% stake in the firm through a deal signed by Eric Trump prior to the January 2025 inauguration. Separate arrangements involving the company's proposed banking subsidiary, WLTC Holdings, also attracted regulatory review, with the Office of the Comptroller of the Currency granting preliminary conditional approval in August for the issuance and redemption of the USD1 stablecoin.

Following midterm election victories that gave Democrats control of both chambers of Congress, lawmakers are preparing investigations into the Trump family's business dealings. Representative Robert Garcia, expected to lead the House Oversight Committee, has identified the family's cryptocurrency transactions and foreign ownership arrangements as subjects for examination, alongside inquiries from Senator Elizabeth Warren.

Key facts

• President Donald Trump stated in a November 8 interview with CBS News that he has no involvement in World Liberty Financial operations.
• An investment vehicle linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan reportedly acquired a 49% stake in the company.
• House Democrats are preparing investigations into the company's foreign ownership arrangements and cryptocurrency transactions following midterm election victories.
• The Office of the Comptroller of the Currency granted preliminary conditional approval in August for the proposed banking subsidiary to issue the USD1 stablecoin.