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Trump Defends World Liberty Stake, Says Past Presidents Owned ‘Whatever Crypto Was at the Time’
Asked about foreign money in the crypto venture, the president cited index funds, his sons and George Washington after midterms that hand Democrats control of congressional committees and their subpoena power.
Brief
Speaking to CBS News for the program 60 Minutes, Donald Trump acknowledged that he co-owns World Liberty Financial, though he claimed to know little about the venture. The sit-down was filmed at the White House on November 6 and aired November 8. Ross Douthat asked about the firm's reported UAE ties and whether they amounted to corruption. It was Trump's first formal interview since Republicans relinquished both chambers of Congress in the midterm vote. Asked why he did not simply divest, Trump said most of his fortune sits with large Wall Street firms that invest in index funds. Mike Katz, a partner at Manatt, told Unchained that congressional committees have gained subpoena authority and predicted they would examine the project's funding and links to the UAE and Saudi Arabia.
Why it matters: Heightened congressional oversight of the Trump family's crypto ventures and their foreign backing could shape how the industry faces lawmakers and regulators.
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