In one deal, announced in May, a firm of Emirati royal Sheikh Tahnoon bin Zayed Al Nahyan invested $2 billion in World Liberty Financial, a cryptocurrency company owned by the Trump and Witkoff families—which consequently became among the most prominent crypto firms overnight.
The Times revealed that some officials in the Trump administration were wary about the chip deal due to UAE-China ties. But a key dissenter at the National Security Council, David Feith, was taken out of the equation when MAGA provocateur Laura Loomer questioned his (and five other NSC members’) loyalty, leading to their removal by the president. Silicon Valley investor David Sacks, Trump’s AI and crypto czar, then took a leading role in the negotiations—and received a White House ethics waiver in order to do so.
On Bluesky, economist Ryan Cummings, who served on President Joe Biden’s Council of Economic Advisers, wrote that the deals, if linked, would represent, by far, “the largest public corruption scandal in the history of the United States”—amounting to a $2 billion bribe, whereas the most comparable incident, the Harding administration’s Teapot Dome scandal, involved bribes amounting to about $10 million in today’s dollars, he said.
“The Trump Administration is cashing in on foreign crypto deals—and weakening guardrails that protect our advanced technology,” wrote Senator Elizabeth Warren on X. “We should not pass any crypto legislation without shutting this down.”
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