A New York Times investigation has shed light on two billion-dollar deals that advanced in parallel under the Trump administration: a massive Emirati investment in a Trump-linked cryptocurrency venture and a proposed agreement granting the UAE access to advanced AI chips.
In May 2025, Zach Witkoff — son of real estate investor and Trump envoy Steve Witkoff — announced in Dubai that an investment firm controlled by Sheikh Tahnoon bin Zayed Al Nahyan would inject $2 billion into World Liberty Financial, a new crypto company tied to the Trump and Witkoff families.
Just two weeks later, the White House approved an arrangement to give the Emirates access to hundreds of thousands of cutting-edge AI chips. Many of those chips were slated for G42, a technology company chaired and controlled by Sheikh Tahnoon. That deal is still pending, with final terms being negotiated in Washington.
Billions for crypto, chips for Abu Dhabi
The Emirati funding instantly made World Liberty one of the most prominent cryptocurrency players worldwide. Its central product is the USD1 stablecoin, designed for “sovereign investors and major institutions.” World Liberty also struck a deal with MGX, a company co-founded by G42, where Sheikh Tahnoon serves as chairman.
MGX was set to use World Liberty’s USD1 to complete a $2 billion investment in the crypto exchange Binance. Binance called it “the single largest investment in a crypto company ever.” The transaction effectively gave World Liberty a $2 billion bank deposit base, generating annual returns in the tens of millions.
At the same time, the White House, the Emiratis, and US technology firms were negotiating the supply of AI hardware. Under President Biden, similar requests had faced strict limits. In the end, the UAE only obtained access to a small number of high-performance chips via a government-approved partnership with Microsoft, which came with restrictions. G42 agreed to strip certain Chinese technology from its operations as part of that deal.
Witkoff, Sacks, and the ethical conflicts
The overlap between public duties and private business raised red flags. Steve Witkoff, acting as Trump’s envoy to the Middle East, supported giving the UAE access to AI chips at the same time World Liberty — the company he co-founded with Trump allies — received billions in Emirati funds.
In May, World Liberty said Witkoff would divest entirely from the company. But a disclosure released in August showed he still held a financial interest. The White House responded that Witkoff was “still in the process of divesting” and was “working with ethics officials and counsel to ensure he is in full compliance.”
Another central player was David Sacks, a Silicon Valley venture capitalist, co-founder of Craft Ventures, and since 2025, the White House’s “AI and crypto czar.” Sacks received an ethics waiver allowing him to participate in policy decisions despite relevant financial holdings. Early investors in Craft Ventures included the Abu Dhabi Investment Authority, also overseen by Sheikh Tahnoon. The White House said Sacks had acted appropriately, adding: “Mr. Sacks has no financial interest in the U.A.E. chip deal.”
Shifting power inside the White House
According to the Times, significant resistance arose within the administration to the idea of expanding chip exports. Members of the National Security Council wanted tighter limits to prevent advanced US technology from flowing to China. But Trump dismissed six NSC staffers, including David Feith, after a 30-minute meeting with conservative activist Laura Loomer. With Feith gone, Sacks took a central role in the negotiations.
The back-to-back deals blurred the lines between policy, diplomacy, and private profit. Three ethics lawyers interviewed by The New York Times said the transactions violated long-standing US norms on how senior officials and their families are expected to separate public responsibilities from private business.
Both the White House and World Liberty denied any connection between the crypto and chip deals. A World Liberty spokesperson called the $2 billion investment “completely independent of government matters.” The White House said Sacks acted appropriately and that Witkoff was working with ethics officials to comply. A G42 spokesman said the company was “grounded in integrity” and committed to “safeguards, auditing, and coordination with the Americans to ensure that U.S. technology does not get into the wrong hands.”
