Politics

Days before Donald Trump returned to office in January 2025, an investment firm controlled by a senior member of the United Arab Emirates royal family secretly signed a deal to pay $500m to buy almost half of a cryptocurrency startup founded by the Trump family. Under any other president, such an arrangement, which was revealed this past weekend by the Wall Street Journal, would cause a political earthquake in Washington. There would be demands for an investigation by Congress, televised hearings and months of damage control.

But this latest example of corruption involving Trump and his family business hardly made a blip over the past few days, relegated to a passing headline in a relentless news cycle often dominated by Trump’s actions and statements.

This scandal deserves our attention: a half-billion-dollar transaction with a foreign government official, executed in the shadow of Trump’s inauguration, which directly enriched the president and his family. The deal to acquire a 49% stake in World Liberty Financial, the crypto company founded by the Trump family and several allies in the fall of 2024 during Trump’s presidential campaign, was backed by Sheikh Tahnoon bin Zayed Al Nahyan, one of the most powerful officials in the UAE. Known as the “spy sheikh”, Tahnoon is the brother of the UAE’s president and serves as national security adviser. He also oversees one of the largest investment empires in the world, serving as chair of two Abu Dhabi sovereign wealth funds, which have $1.5tn in assets, and G42, a firm focused on artificial intelligence.