Trump Defends World Liberty Financial Stake Amid UAE Investor and Conflict-of-Interest Scrutiny
President Donald Trump said in a November 8 interview that he remains a co-owner of World Liberty Financial but has no role in its operations, which his sons run. The defense comes as House Democrats prepare investigations into the company's foreign ownership and a Senate subcommittee presses for records.
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Trump Says He Knows Nothing About Operations
President Donald Trump acknowledged in a November 8 interview with CBS News that he remains a co-owner of World Liberty Financial, but said his sons run the company and that he knows nothing about its dealings. According to CryptoPotato's account of a 60 Minutes interview conducted at the White House, Trump made similar remarks in that exchange with Ross Douthat. The two reports differ on the outlet and date of the interview, but both quote Trump describing his children as running the business.
Trump argued that asking his sons to pause their work for four years would be unreasonable. "My sons run the company. It's hard to say to them, 'Don't do anything anymore for four years because I'm president,'" he said, as quoted by Crypto.news. When Douthat asked why he had not divested, Trump replied that he had little knowledge of the individual assets held on his behalf, since most of his wealth sits in index funds managed by large Wall Street firms.
Foreign Investor Questions
The interview focused on investors tied to the United Arab Emirates. Crypto.news reports that an investment vehicle linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan acquired a 49% stake in World Liberty Financial through a deal reportedly worth $500 million, signed by Eric Trump shortly before the January 2025 inauguration. Trump had previously said he did not know about that transaction when asked by reporters in February 2026. When Douthat suggested foreign investors might be buying political influence, Trump said, "I don't know," and argued that conflicts involving people close to a president are not unique to his administration.
CryptoPotato also reports Trump saying that every president before him has faced similar questions, and that predecessors owned whatever assets were prominent in their time, such as oil. Earlier, in a July CNBC interview, he reportedly said he "could know about it" but that there was "nothing illegal" in the arrangement.
Banking Subsidiary and Regulatory Status
The ownership questions extend to the company's proposed banking business. Crypto.news reports that Sheikh Tahnoon and other investors were reported in August to control 49% of WLTC Holdings, the company behind World Liberty's proposed US national trust bank, while a Trump family-affiliated entity reportedly held 38% of the holding company. The Office of the Comptroller of the Currency granted preliminary conditional approval on August 14 for the bank to issue and redeem the USD1 stablecoin, manage its reserves and provide institutional custody. Final authorization remains subject to capital and operational conditions. These ownership percentages come from August reporting, and neither source independently confirms them.
Congressional and Senate Inquiries
Democrats won control of both chambers of Congress in the November midterm elections, which Crypto.news says gives them new ability to investigate the Trump family's business dealings. Representative Robert Garcia, expected to lead the House Oversight Committee, has identified Trump family businesses as a focus, and House Democrats have prepared inquiries into WLFI's foreign ownership and potential conflicts involving government decisions.
CryptoPotato reports separately that Senator Richard Blumenthal sent letters to World Liberty, Fight Fight Fight LLC (a key entity behind the Trump meme coin), Binance and Tether, requesting records by January 4, 2027, on behalf of the Senate Permanent Subcommittee on Investigations. Both outlets stress that no conclusion has been reached on whether any conflict of interest exists.
Scale of Trump's Crypto Income
CryptoPotato reports that Trump earned more than $1.2 billion from his crypto businesses last year, including nearly $600 million from WLFI and $636 million from the sale of meme coins tied to his name. Crypto.news does not cite these figures, and they have not been independently confirmed in the sources provided.
Why It Matters
For Traders
Congressional and Senate inquiries into WLFI and affiliated tokens could generate headline volatility, though no enforcement outcome has been reached.
For Investors
A Democratic-led House and a pending OCC final decision on the USD1 trust bank make the regulatory path for World Liberty's stablecoin and banking plans a multi-quarter question.
For Builders
Projects using USD1 or planning trust-bank partnerships should track OCC conditions and the January 4, 2027 Senate records deadline for possible changes in custody and reserve requirements.
This article is for information only and is not financial advice. Read the full disclaimer.
