Witkoff Ties to Trump, Crypto and UAE Deals Raise Conflict Questions

Steve Witkoff, a longtime friend of Donald Trump and now the U.S. special envoy to the Middle East, has drawn scrutiny after new revelations about his and his son’s business links to cryptocurrency deals in the Gulf region. His son, Zach Witkoff, co-founder of World Liberty Financial, announced a major crypto partnership with a company connected to Abu Dhabi royalty just months after Steve began diplomatic meetings in the UAE.

The Wall Street Journal reports that the company, in which the Trump family holds a 60% stake, stands to earn tens of millions annually. The UAE agreed to buy $2 billion worth of World Liberty’s crypto token USD1. A few weeks ago, Steve Witkoff met again with Sheikh Tahnoon bin Zayed al Nahyan to help finalize a separate deal providing the UAE with advanced American computer chips.

Zach Witkoff has traveled internationally promoting World Liberty, including in Pakistan, Malaysia, Kyrgyzstan, and Russia. In these meetings, he pitched crypto solutions for cross-border trade and government services. His company has raised over $550 million this year, with major investments from figures like Justin Sun and Abu Dhabi-based DWF Labs.

Despite denials from White House and company spokespeople, concerns have grown over the overlap between Steve Witkoff’s diplomatic role and his family’s business interests. The White House states that Steve is divesting from World Liberty and is not involved in any of its operations. However, he continues to travel via private jet and has not disclosed financial details.

The Trump administration has also taken steps to roll back cryptocurrency regulations. The SEC dropped over a dozen cases against crypto firms, including one involving World Liberty investor Justin Sun. At the same time, World Liberty’s USD1 token rapidly became the fifth-largest stablecoin globally.

In Pakistan, World Liberty signed an agreement to help the country become a leader in digital currencies and use USD1 for remittances and trade. This came after Trump resumed parts of U.S. military aid to Pakistan and praised the country’s cooperation in his State of the Union address.

Lobbying documents show that Pakistan hired Trump allies, including his former bodyguard and former Trump Organization legal adviser, to build economic ties with the new U.S. administration. These developments suggest that private business ventures are increasingly becoming entangled with diplomatic relations under Trump’s second presidency.