U.S. Senators Elizabeth Warren and Andy Kim have called on the Department of the Treasury to investigate foreign investments in the cryptocurrency project World Liberty Financial (WLFI), citing concerns over national security risks and sensitive data.
According to a letter sent to the Treasury Secretary, a UAE-backed fund purchased 49% of WLFI shares for approximately $500 million, just before Donald Trump’s inauguration. This deal could make the foreign fund the largest shareholder of the company.
The investment is believed to be linked to Sheikh Tahnoon bin Zayed Al Nahyan and the technology company G42. Senators warn that the transaction structure could allow foreign governments to access Americans’ financial and personal data.
CFIUS is currently being asked to review and respond by March 5.
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