Trump Says He Knows 'Nothing' About UAE-Linked Money in World Liberty Financial
President Donald Trump said in recent interviews that he co-owns World Liberty Financial but knows nothing about UAE-linked investments in the firm, which include a $500 million stake purchase and a $2 billion stablecoin transaction. The comments come as a shareholder lawsuit alleges the deals violate the Foreign Emoluments Clause, a claim that has not been proven.
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Trump's Account of the Arrangement
President Donald Trump has said he is a co-owner of World Liberty Financial but knows "nothing about" the UAE-linked money that flowed into the company. He made the remarks in a 60 Minutes interview, according to CBS News, and in a separate interview with columnist Ross Douthat after the midterm elections. Asked why he did not divest, Trump said most of his money is held in index funds managed by Wall Street firms and that his sons run the family business.
Trump also said he did not know whether foreign investors believe they are buying influence, replying "I don't know." He argued that conflicts of interest have affected presidents "going back to George Washington."
The Two Abu Dhabi Transactions
The scrutiny centers on two large transactions. In January 2025, Aryam Investment 1, a UAE-backed entity tied to Sheikh Tahnoon bin Zayed Al Nahyan, agreed to pay $500 million for a 49% stake in World Liberty Financial, four days before Trump's inauguration. Eric Trump signed the deal on the company's behalf. In May 2025, MGX, another Abu Dhabi fund chaired by Tahnoon, bought $2 billion of USD1, the company's dollar-pegged stablecoin, and used it to settle an investment in the crypto exchange Binance.
The sources differ on how the first deal's proceeds were used. One report says a notable share of the proceeds was redirected to Trump family entities. The other cites The Wall Street Journal's reporting on the timing relative to a reversal of restrictions on advanced AI chip sales to the UAE, and notes that a World Liberty spokesperson said neither Trump nor Middle East envoy Steve Witkoff had "any involvement whatsoever" in the transaction. Neither account establishes the flow of funds independently, so the redirection claim should be treated as reported rather than confirmed.
Trump Family Stake and Disclosures
World Liberty's own disclosures, as summarized by Decrypt, state that DT Marks DEFI LLC, an entity affiliated with Trump and certain family members, owns about 38% of the holding company, holds 22.5 billion WLFI tokens, and is entitled to 75% of net proceeds from WLFI token sales. A separate Trump-affiliated entity has an indirect claim on interest earned on USD1 reserves. The disclosures say no Trump family member is an officer, director or employee of the company.
Trump's 2025 financial disclosure reported more than $1.4 billion in crypto-related revenue, according to Crypto Briefing. The WLFI governance token traded around 45 cents in August 2025, and the source describes it as trading at a fraction of its former value at the time of writing.
Legal Challenges
On October 22, a shareholder of Circle Internet Group filed suit alleging the UAE transactions violate the Foreign Emoluments Clause, the constitutional provision restricting federal officeholders from accepting benefits from foreign governments. The suit also alleges the deals harmed the value of USDC, the stablecoin Circle issues. These are allegations in an early-stage complaint and have not been proven.
Separately, Tron founder Justin Sun's lawyers asked a federal court to sanction World Liberty, alleging the firm delayed disclosing UAE ownership that could defeat federal jurisdiction over his lawsuit. World Liberty has called the effort a "meritless PR stunt." Sen. Chris Murphy (D-CT) described the first transaction in February as "potentially criminal conduct." Trump has said previously that he was not aware of the deal.
Context for the Dispute
World Liberty Financial, announced by Eric Trump in August 2024, issues the WLFI governance token and USD1. In January it launched World Liberty Markets, a lending and borrowing platform built on the DeFi protocol Dolomite. The core dispute is whether a president's passive ownership in a company that takes foreign investment constitutes a benefit under the Emoluments Clause. Trump's position is that he is uninvolved in operations. Plaintiffs argue that receiving proceeds from the arrangement is the relevant question, and that question remains unresolved in court.
Why It Matters
For Traders
WLFI's depressed price and pending litigation create headline risk, but neither source reports a scheduled ruling or disclosure date that would fix a timeline for a move.
For Investors
Regulatory scrutiny of foreign capital in politically connected crypto firms could shape how stablecoin issuers and governance tokens are structured over the coming years.
For Builders
Stablecoin reserve arrangements and foreign ownership disclosures are drawing legal attention, so protocols should review their own ownership and jurisdiction reporting.
This article is for information only and is not financial advice. Read the full disclaimer.
