Read the Letter to the Inspectors General

Your investigation of these allegations is consistent with the IG’s mission to prevent waste, fraud, and abuse in federal agencies, and can help determine if politically connected crypto interests are undermining our national security. As Congress considers legislation on the market structure for digital assets, we must ensure that cryptocurrencies like USD1 are not providing the President and senior officials with the ability to line their pockets at the expense of the public interest.

The following facts have been reported in multiple outlets regarding Mr. Witkoff:

• Mr. Witkoff’s son Zach Witkoff is the CEO of World Liberty Financial (WLF), which the President’s family owns a majority stake in.³
• Beginning in January, one of Sheikh Tahnoon’s employees, Fiacc Larkin, joined WLF as the “chief strategic advisor” while continuing to work at G42, an AI investment firm owned by Sheikh Tahnoon that, according to the U.S. intelligence community, works closely with Chinese military companies.4

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On May 1, 2025, Zach Witkoff announced that MGX, a state-owned investment firm controlled by Sheikh Tahnoon, had agreed to use a WLF-issued stablecoin, USD1, to make a $2 billion investment in Binance. As a result of this deal, WLF stands to reap hundreds of millions of dollars in transaction fees from MGX, and more from the returns on any investments it makes with the $2 billion deposit.³
As of August, Mr. Witkoff maintained a financial interest in WLF and thus stands to personally benefit from his son’s business dealings with the UAE.6 Nevertheless, he did not recuse himself from deliberations regarding the UAE, which may violate federal ethics law.

The following facts have been reported about Mr. Sacks:

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He is a special government employee who continues to serve as a “general partner” at his venture capital fund, Craft Ventures.

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The Abu Dhabi Investment Authority, an Emirati sovereign wealth fund controlled by Sheikh Tahnoon, was an early investor in Craft Ventures and continues to hold an investment in the fund.
In addition, Craft Ventures is invested in BitGo, which has partnered with WLF to provide the technical infrastructure for USD1. If BitGo’s valuation grows, based on the UAE’s investment into USD1, Mr. Sacks and his firm stand to benefit.

3 Yahoo Finance, “Trump family reportedly has a 60% stake in the World Liberty Financial,” Anand Sinha, March 31, 2025,
https://finance.yahoo.com/news/trump-family-reportedly-60-stake-172742661.html.
4 New York Times, “Inside U.S. Efforts to Untangle an A.I. Giant’s Ties to China,” Mark Mazzetti and Edward
Wong, Nov. 27, 2023, www.nytimes.com/2023/11/27/us/politics/ai-us-uae-china-security-g42.html.
5 New York Times, “At a Dubai Conference, Trump’s Conflicts Take Center Stage,” David Yaffe-Bellany, May 1, 2025, https://www.nytimes.com/2025/05/01/us/politics/trump-cryptocurrency-usd1-dubai-conference-

announcement.html.

6U.S Office of Government Ethics, Form 278e for Steven C. Witkoff, August 13, 2025, p. 23, https://static01.nyt.com/newsgraphics/documenttools/090d0de07e1d2fdf/bbf02867-full.pdf.

18 U.S.C. § 208.

8 White House, “Limited Waiver Pursuant to 18 U.S.C. § 208(b)(1) Regarding A.I. Assets,” June 2025,
https://www.whitehouse.gov/wp-content/uploads/2025/06/David-Sacks.pdf.

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