The U.S. lawmakers have urged Treasury Secretary Scott Bessent to review the $500 million foreign investment in Trump’s family crypto venture.
In a letter addressed to Bessent, based on his role as the Chair of the Committee on Foreign Investment in the United States (CFIUS), the lawmakers have asked that the UAE plans to purchase 49% should be properly scrutinized for security purposes.
They asked CFIUS to confirm whether the deal requires review, and if it does, they should conduct a full and unbiased investigation.
UAE Plans to Acquire Trump’s WLF
Based on recent reports, UAE investment was backed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s National Security Adviser, and they agreed to acquire nearly half of WLF just days before President Donald Trump’s inauguration.
The ‘$500 million deal’ would make the fund the company’s largest shareholder and its only known outside investor.
So far, the transaction has drawn the attention of many, because Sheikh Tahnoon is a senior government official in the UAE. And because of that, the lawmakers described the deal as unprecedented, noting that it would involve a foreign government figure taking a major ownership stake in a company tied to the U.S. president.
Also Read: Trump Media & Technology Group Files Two Crypto ETF Proposals
Reports also state that about $187 million from the total transaction would enter into Trump family-linked entities, including DT Marks DEFI LLC and DT Marks SC LLC. In addition, two out of the five existing WLF board seats would go to senior executives connected to G42.
National Security and Data Concerns Relating to the Purchase
Typically, CFIUS is responsible for reviewing foreign investments related to U.S. businesses in order to review those that would pose as issues in the nation.
However, the lawmakers said it is unclear whether CFIUS reviewed the WLF transaction or was even notified about it in the first place.
They warned that WLF reportedly collects sensitive user data, including names, email addresses, wallet addresses, IP addresses, device identifiers, and other approximate location information.
Service providers like WLF also have access to gather ID details like passport or driver’s license numbers, some of which could be shared with the company that bought the stake.
They also raised concerns about the speed of the reported transaction and whether it received any kind of special treatment.
Also Read: Dogecoin Attempts Reversal as Technical Indicators Signal Potential $0.25 Rally
