Warren and Slotkin Demand Probe of Trump Officials Before Senate Crypto Vote

Two influential Democratic senators are threatening to block upcoming crypto legislation unless federal agencies investigate potential conflicts of interest involving two senior White House officials.

In a letter sent Tuesday to the U.S. State Department, Commerce Department, and Office of Government Ethics, Senators Elizabeth Warren and Elissa Slotkin urged an immediate inquiry into David Sacks, President Donald Trump’s adviser on artificial intelligence and cryptocurrency, and Steve Witkoff, the administration’s Special Envoy to the Middle East.

Call for Investigation on Crypto Exchange’s Deal

The senators cited a Sept. 15 New York Times report detailing a $2 billion investment deal between Abu Dhabi–based firm MGX and crypto exchange Binance. The transaction, announced in March, was reportedly settled in USD1, Trump family-backed World Liberty Financial’s stablecoin.

According to the Times, Sacks and Witkoff helped facilitate the deal by offering the United Arab Emirates access to advanced AI chips.

“In the history of our country’s foreign policy, one is hard-pressed to find two senior officials with such significant conflicts of interest,” the lawmakers wrote, warning that “politically connected crypto interests” could threaten U.S. national security.

Implications for Market Structure Legislation

Warren, the ranking Democrat on the Senate Banking Committee, and Slotkin, a member of the Senate Agriculture Committee, said they will not support the digital asset market structure bill currently before the Senate without clarity on the allegations. Their votes are considered pivotal as the bill moves through committee.

The House version of the legislation—known as the CLARITY Act—passed in July with bipartisan support, but it has encountered delays in the Senate. Republican Senator Cynthia Lummis, a leading advocate, previously hoped for a committee vote by the end of August, yet no date has been scheduled.

Warren has long favored stronger crypto oversight but opposes any measure she views as crafted by the industry itself. Last week, a dozen other Democrats signaled willingness to work with Republicans on market-structure reforms if the final bill includes provisions to prevent corruption and abuse.

Until the requested investigation of Sacks and Witkoff is completed, Warren and Slotkin insist that the Senate should not advance the market-structure bill, underscoring how concerns about foreign influence and digital-asset lobbying are reshaping the debate over U.S. crypto regulation.