Schiff presses Witkoff on divesting from Trump-tied crypto venture

Sen. Adam Schiff (D-Calif.) and seven other Senate Democrats pressed U.S. special envoy Steve Witkoff on Wednesday about divesting his stake in World Liberty Financial, the crypto venture launched by the Trump and Witkoff families last year. 

Witkoff, who has helped negotiate deals for President Trump around the world, still had a stake in the company as of mid-August, according to a White House financial disclosure.  

“Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, ability to serve the American people over your own financial interests,” the senators wrote. 

“As long as you maintain ownership of these assets, you stand to profit from any decisions you are involved with while serving in the Administration,” the group added. 

Schiff was joined on the letter by Sens. Dick Durbin (D-Ill.), Ron Wyden (D-Ore.), Andy Kim (D-N.J.). Catherine Cortez Masto (D-Nev.), Gary Peters (D-Mich.), Elissa Slotkin (D-Mich.) and Cory Booker (D-N.J.). 

World Liberty Financial co-founder Zak Folkman said in May that Witkoff was “in the process of fully divesting” from the company. However, the firm was still listed under his assets and income in the August disclosure.

The senators raised concerns about the special envoy’s engagements with Sheikh Tahnoon bin Zayed Al Nahyan, a member of the Emirati government whose investment firm MGX used $2 billion in World Liberty Financial stablecoins to invest in Binance in early May. 

Sheikh Tahnoon’s artificial intelligence (AI) company G42 is poised to receive numerous artificial intelligence (AI) chips, after the Trump administration agreed to allow the United Arab Emirates access to the advanced chips in mid-May.

“So long as you maintain an ownership stake or any personal financial interest in World Liberty Financial, you stand to benefit from any increase in the company’s value or profitability, including through sales or partnerships with foreign entities you are likely to engage with in your official capacity as Special Envoy,” the senators said in Wednesday’s letter. 

The eight Democrats asked Witkoff whether he still has a financial interest in World Liberty Financial or other Trump-tied businesses, as well as if he has consulted with the U.S. Office of Government Ethics or received ethics waivers for his work in the administration. 

The Hill has reached out to the White House for comment.