Senator Elizabeth Warren has asked the Commerce Department to explain its UAE policy after the country gained more AI chip export access and UAE-linked entities invested in World Liberty Financial, the Trump-family-backed crypto project. In a letter to Commerce Secretary Howard Lutnick, Warren cited a $500 million investment made in January by an Abu Dhabi entity into World Liberty Financial. She also noted that a separate UAE-affiliated company used World Liberty's USD1 stablecoin to complete a $2 billion investment in the crypto exchange Binance. The Commerce Department had earlier moved the UAE to Country Group A:5, a classification that allows more license-free exports, including advanced chips. The department also said it would actively review license applications involving MGX, the UAE entity identified with the $2 billion Binance investment, for chip and server exports. Warren argued the actions raise serious questions about whether the president's crypto business interests could shape agency operations and harm national security. In June, Warren and several other senators had already asked for a hearing on the $500 million World Liberty Financial deal.
Senator Elizabeth Warren has demanded that the Commerce Department explain its UAE policy, pointing to expanded AI chip export access and a series of UAE-linked transactions involving the Trump-family-backed crypto venture World Liberty Financial.
Warren wrote to Commerce Secretary Howard Lutnick and flagged a $500 million investment in World Liberty Financial made in January by an Abu Dhabi entity. A separate UAE-affiliated company, she said, used World Liberty's USD1 stablecoin to close a $2 billion investment in Binance, the crypto exchange.
Commerce moved UAE to Country Group A:5
The department previously reclassified the UAE into Country Group A:5, a category that makes more exports eligible for license-free treatment. Advanced chips fall within that expanded access.
The department also said it would "actively review" license applications involving MGX, the UAE entity tied to the $2 billion Binance investment, for exports of chips and servers.
Warren raises national security questions
In the letter, Warren said the Commerce Department's actions raise significant questions about whether the president's crypto business interests could influence agency operations and pose risks to national security.
Warren and several other senators had already requested a hearing in June on the $500 million World Liberty Financial deal.
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