Trump says sons run World Liberty Financial as he denies role in crypto deals

What happened

President Donald Trump has said he has no operational role in World Liberty Financial, the crypto venture he co-owns, and that his sons run the business, according to an interview with CBS News conducted after last week's midterm elections.

Asked by columnist Ross Douthat why his co-ownership of a company partly backed by investors linked to the United Arab Emirates government differed from an arrangement he would call corrupt if it involved the Biden family, Trump replied that he knows nothing about it, according to a transcript published by CBS News and reported by Decrypt and crypto.news.

Pressed on why he did not divest, Trump said most of his money is managed by Wall Street firms through index funds and that his sons handle the family business. He said it is hard to tell them to do nothing for four years because he is president.

When Douthat asked whether foreign investors in the company believe they are buying influence, Trump said he did not know. He argued that conflicts of interest have affected presidents since George Washington, saying every president has had this problem and that he is a bigger name than other presidents.

Why it matters

The remarks keep attention on the overlap between the president's family business and his administration at a moment when Democrats, having won control of both chambers in the midterms, are preparing oversight. Crypto.news reported that House Democrats have prepared investigations into World Liberty Financial's foreign ownership and potential conflicts involving government decisions, and that Representative Robert Garcia, expected to lead the House Oversight Committee, has listed Trump family businesses and crypto transactions among intended subjects. Senator Elizabeth Warren has separately raised questions about the company's foreign investments.

Background

World Liberty Financial, announced by Eric Trump in August 2024, issues the WLFI governance token and the USD1 stablecoin and launched a lending platform called World Liberty Markets in January. Its UAE links have drawn scrutiny since Decrypt, citing The Wall Street Journal, reported that Aryam Investment, tied to UAE national security adviser Sheikh Tahnoon bin Zayed, agreed to buy a 49% stake for $500 million four days before Trump's January 2025 inauguration. The deal was reportedly signed by Eric Trump, and a company spokesperson said neither Trump nor envoy Steve Witkoff was involved. Senator Chris Murphy called the arrangement potentially criminal conduct, and Trump has previously said he was not aware of the deal.

According to the company's disclosures, DT Marks DEFI LLC, affiliated with Trump and certain family members, owns about 38% of the holding company behind World Liberty, holds 22.5 billion WLFI tokens and is entitled to 75% of net proceeds from token sales. A separate Trump-affiliated entity has an indirect claim on interest from reserves backing USD1. The disclosures state that no family member is an officer, director or employee of the company.

What to watch

Crypto.news reported that Sheikh Tahnoon and other investors were reported in August to control 49% of WLTC Holdings, the company behind World Liberty's proposed national trust bank, with a Trump-affiliated entity holding another 38%. The Office of the Comptroller of the Currency granted the proposed bank preliminary conditional approval on August 14, with final authorization still subject to capital and operational conditions. Separately, Tron founder Justin Sun sought court sanctions against the company on November 3, alleging it failed to disclose UAE ownership; World Liberty has called his legal campaign a meritless PR stunt. Lawmakers' investigations and the bank's remaining approvals are the areas to follow.

Questions readers ask