President Donald Trump said “I know nothing about it” when asked about foreign investment in World Liberty Financial (WLF), despite confirming that he is a co-owner of the cryptocurrency venture, in a CBS News interview aired on 8 November.
The remarks come as Democrats prepare congressional investigations into WLF’s foreign ownership following their sweep of both chambers in the midterm elections.
Trump Confirms WLF Co-Ownership
In an interview, Trump acknowledged that he co-owns WLF but said he knows nothing about its foreign investment. When interviewer Ross Douthat challenged him to divest from the company, Trump responded, “how do you divest from cash?” He described his personal wealth as mostly held in index funds managed by major Wall Street firms and said he had little knowledge of individual holdings.
WLF has grown into a sprawling crypto enterprise since its September 2024 founding, and the venture operates a USD1 stablecoin and has applied for a national trust bank charter.
The Office of the Comptroller of the Currency (OCC) granted the proposed bank preliminary conditional approval on 14 August to issue and redeem USD1, manage reserves and provide institutional custody, with final approval pending capital and operational conditions.
An investment vehicle linked to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser, reportedly acquired a 49% stake in WLF for about $500 million, with Eric Trump signing the deal shortly before the January 2025 inauguration.
According to Trump’s 2025 annual financial disclosure, the transaction directed $263 million to Trump family entities. Trump denied knowing about the transaction in February 2026, and USD1 was also used in a $2 billion investment by Abu Dhabi-backed MGX into Binance in 2025.
Democrats Prepare Congressional Probe Into WLF’s Ownership
Democrats won control of both chambers of Congress in the November midterms and are preparing to investigate WLF’s foreign ownership and possible conflicts involving government decisions. Representative Robert Garcia is expected to lead the House Oversight Committee and has named Trump family businesses and crypto transactions as subjects of interest.
Senator Elizabeth Warren has questioned WLF’s foreign investments and its ties to financial institutions and crypto exchanges. On 3 November, Justin Sun sought court sanctions against WLF and its lawyers, alleging they failed to disclose UAE citizenship in an ongoing legal dispute. Sun said an amended disclosure listed 22 entities in WLF’s ownership chain, including UAE-linked entities.
According to Sun, WLF’s lawyers have said they learned of the UAE citizenship only after the original filing. WLF is now arguing that the federal court lacks jurisdiction, according to CoinDesk.
CBS News interviewer Ross Douthat asked Trump whether foreign investors might be buying political influence through WLF. The president said he did not know, and argued that conflicts involving people close to a president are not unique to his administration, according to the interview.
Trump Family-Linked Entity Owns 38% of WLF Bank Holding Company
Trump’s claim of ignorance sits uneasily beside the scale of WLF’s operations. The venture generated at least $1.4 billion for the Trump and Witkoff families in its first 16 months, according to a February 2026 Wall Street Journal report.
By August 2026, Tahnoon and other investors reportedly controlled 49% of WLTC Holdings, the holding company for the proposed bank, while a Trump family-affiliated entity owned an additional 38%, according to The Wall Street Journal, as reported by CNBC.
The new Democratic majority will be able to subpoena WLF’s records from January, when the new Congress takes office, a dynamic that will shape how crypto ventures with political ties operate in the remaining two years of the Trump presidency.
WLF Faces Congressional Inquiries as OCC Bank Charter Approval Remains Pending
Democratic inquiries into WLF’s foreign ownership could begin as early as February 2027, according to crypto.news. The OCC’s final ruling on the national trust bank charter, contingent on meeting capital and operational conditions, remains pending. WLF’s trajectory now depends as much on congressional calendars as on crypto markets.
