NYT Exposé: Steve Witkoff's Secret Crypto Deal Boosts Trump Family Wealth

A Controversial Connection Between Trump and Emirati Interests

Steve Witkoff, a businessman appointed as the U.S. Middle East envoy by President Donald Trump, has found himself at the center of two controversial deals that have reportedly benefited both him and the Trump family. According to a report by The New York Times, these transactions have raised questions about the intersection of personal and government interests.

Witkoff recently visited Sardinia, where he met with Sheikh Tahnoon bin Zayed Al Nahyan, a member of the ruling family of the United Arab Emirates (UAE). Sheikh Tahnoon oversees a vast sovereign wealth fund worth $1.5 trillion. Their meeting is believed to have led to two major deals involving significant financial and technological exchanges.

The Crypto Deal and Its Implications

One of the deals involved a cryptocurrency company co-founded by the Witkoff and Trump families. This venture, World Liberty Financial, received a $2 billion investment from an investment firm linked to Sheikh Tahnoon. The deal was announced in May at a conference in Dubai by Witkoff’s son, Zach.

This transaction appears to have been a significant financial boon for the families involved. However, it also raises concerns about potential conflicts of interest, especially given Witkoff’s official role as a U.S. envoy. While the elder Witkoff has claimed to be divesting from the company, the White House has stated that the process is ongoing, and he is working with ethics officials to ensure compliance.

The Computer Chip Transaction

The second deal involved the sale of advanced computer chips to the UAE. These chips are critical for developing artificial intelligence (AI) technology, making them highly valuable. The White House approved the sale, allowing the UAE access to hundreds of thousands of these scarce resources.

Many of these chips were intended for G42, a tech company controlled by Sheikh Tahnoon. Despite concerns that the chips could be shared with China, the administration proceeded with the deal. This decision has sparked debate over national security and whether U.S. interests were adequately considered.

National Security Concerns

The timing of these deals has raised eyebrows among some administration officials. David Sacks, Trump’s AI and cryptocurrency czar, had previously advocated for the UAE’s access to the chips. Sacks, who had prior business ties in the Gulf region, expressed his views on a podcast, stating, “Some administration colleagues also expressed concern because Mr. Sacks had once invested in the AI industry and had longstanding business relationships in the Gulf.”

This highlights the complex web of relationships between U.S. officials and foreign entities. Critics argue that such connections may compromise the integrity of U.S. policy decisions, particularly when they involve high-stakes technologies like AI.

Ongoing Scrutiny

While the White House maintains that Witkoff is cooperating with ethics officials, the nature of these deals continues to draw scrutiny. The confluence of personal and governmental interests in these transactions has prompted calls for greater transparency and accountability.

As the investigation unfolds, the broader implications of these deals remain unclear. They underscore the challenges of navigating foreign policy in an era where personal interests and national security often intersect in complex ways.