US President Donald Trump has defended his family’s cryptocurrency business, World Liberty Financial, saying he has no involvement in its operations and cannot prevent his sons from pursuing business opportunities while he is in office.
Summary
- Trump acknowledged his ownership in World Liberty Financial but said his sons manage the cryptocurrency business without his involvement.
- The president defended his decision not to divest, saying he could not ask his sons to stop their business activities for four years while he serves in office.
- World Liberty Financial has faced scrutiny over a reported $500 million investment linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan.
- Democrats are preparing investigations into Trump’s family businesses following their midterm election victories, with foreign crypto investments among the areas of interest.
In a November 8 interview with CBS News, Trump acknowledged that he remains a co-owner of the company but maintained that his children manage the business independently of his presidential responsibilities.
The comments came after interviewer Ross Douthat questioned the president about foreign investments in World Liberty Financial, particularly its financial ties to investors connected to the United Arab Emirates government.
Trump said he knew nothing about the company’s dealings and defended his decision to let his sons continue operating the family business.
“I have a company. My sons run the company. It’s hard to say to them, ‘Don’t do anything anymore for four years because I’m president,’” Trump said.
Trump defends family crypto business amid conflict of interest questions
During the interview, Douthat asked Trump why he had not divested his ownership in World Liberty Financial, given that the company had received investments from individuals with connections to foreign governments.
The interviewer drew a comparison with former President Joe Biden, asking whether Trump would consider a similar arrangement involving the Biden family to be corrupt.
Trump responded by saying, “Because I know nothing about it,” before explaining that he had accumulated considerable wealth before entering politics.
When pressed on whether he could sell his interest in the company while allowing his sons to continue their business activities, Trump turned to how his personal investments are managed.
He said much of his wealth was handled by major Wall Street investment firms through index funds and that he had little knowledge of the individual stocks being purchased on his behalf.
Douthat subsequently asked whether foreign investors might believe they were purchasing political influence by investing in a company partly owned by the president.
“I don’t know,” Trump replied, arguing that conflicts involving people close to a president were not unique to his administration.
World Liberty Financial’s UAE investments face scrutiny
Trump’s remarks follow months of questions surrounding World Liberty Financial’s financial relationships with investors from Abu Dhabi.
As crypto.news previously reported, an investment vehicle linked to UAE national security adviser Sheikh Tahnoon bin Zayed Al Nahyan acquired a 49% stake in World Liberty Financial through a deal reportedly worth $500 million.
The agreement was signed by Eric Trump shortly before his father’s January 2025 inauguration. Trump previously denied knowing about the transaction when questioned by reporters in February 2026.
Separate ownership arrangements involving the company’s proposed banking subsidiary have attracted scrutiny.
In August, Sheikh Tahnoon and other investors were reported to control 49% of WLTC Holdings, the company behind World Liberty’s proposed US national trust bank.
A Trump family-affiliated entity reportedly held another 38% of the banking venture’s holding company.
The Office of the Comptroller of the Currency granted the proposed bank preliminary conditional approval on August 14 to issue and redeem the USD1 stablecoin, manage its reserves and provide institutional custody services.
Final authorization remains subject to regulatory requirements, including capital and operational conditions that must be satisfied before the bank can begin operating.
Democrats prepare investigations into Trump’s crypto interests
The interview comes days after Democrats won control of both chambers of Congress in the November midterm elections, giving them new opportunities to investigate the Trump family’s business dealings.
House Democrats have prepared investigations into World Liberty Financial, including its foreign ownership arrangements and potential conflicts involving government decisions.
Representative Robert Garcia, who is expected to lead the House Oversight Committee, has identified Trump family businesses and cryptocurrency transactions among the subjects lawmakers intend to examine.
Senator Elizabeth Warren has separately questioned the company’s foreign investments and its relationships with financial institutions and cryptocurrency exchanges.
The scrutiny has reached the company’s USD1 stablecoin, which was used in a $2 billion investment by Abu Dhabi-backed MGX into Binance in 2025.
World Liberty Financial’s ownership disclosures have faced separate legal challenges. On November 3, Tron founder Justin Sun sought court sanctions against the company and its lawyers, alleging that they failed to disclose its UAE citizenship during an ongoing legal dispute.
Sun said the company initially identified only Florida as its jurisdiction before submitting an amended disclosure listing 22 entities in its ownership chain, including entities associated with the UAE.
