A US House investigation is looking into whether World Liberty Financial, a Trump-associated crypto venture, and its dollar-pegged token became entangled in foreign sovereign capital and US tech policy.
The move follows a Wall Street Journal report that an Abu Dhabi-linked entity secretly agreed to buy a 49% stake in World Liberty Financial for $500 million shortly before President Donald Trump’s inauguration in early 2025.
Rep. Ro Khanna (D-Penn), ranking member of the House Select Committee on the Chinese Communist Party – an ad hoc panel of the US House that investigates and studies how China affects US interests – has sent a formal letter demanding ownership records, payment information and internal communications from the company that forms the framework of the investigation into potential conflicts of interest, national security risks associated with worldwide export controls related to the export of USD1 and USD1. a separate $2 billion Binance investment.
Khanna’s letter asks World Liberty to confirm details of the reported Emirati investment, including whether $187 million flowed to Trump family entities and whether additional payments were made to affiliates of the company’s co-founders.
The House investigation also requested capitalization tables, profit distributions, board appointments and due diligence materials related to Aryam Investment 1, the vehicle identified in press reports.
A significant part of the inquiry focuses on USD1, World Liberty’s dollar-pegged stablecoin, which was used to liquidate MGX’s $2 billion investment in crypto exchange Binance.
Khanna and lawmakers are seeking documentation on how USD1 was chosen, the revenue generated by the transaction and whether company staff were involved in discussions about the later presidential pardon of Binance founder Changpeng Zhao.
The House committee also directs the company to maintain electronic communications and internal compliance policies related to conflicts of interest, export controls and contacts with entities linked to the United Arab Emirates or China.
World Liberty has until March 1 to provide the requested records.
