Warren questions UAE chips after US$500M crypto deal

• Senator Elizabeth Warren questioned US policy after a UAE-backed entity invested US$500 million in World Liberty Financial.
• The Commerce Department gave the UAE greater access to licence-free exports, including advanced AI chips.
• Warren asked whether Trump-linked crypto interests influenced US policy towards the UAE.

Senator Elizabeth Warren questioned US policy after a UAE-backed entity invested US$500 million in World Liberty Financial.

Another UAE-linked company used World Liberty’s USD1 (CRYPTO:USD1) stablecoin to settle a US$2 billion Binance investment.

“The Department’s actions raise significant questions about the potential influence the President’s cryptocurrency business interests may be having,” said Senator Elizabeth Warren.

The Commerce Department moved the UAE into Country Group A:5, giving it greater access to licence-free exports.

The department also said it would “favourably review” chip and server licence applications involving UAE investment company MGX.

Warren and other senators called for hearings in June over the US$500 million World Liberty investment.

Lawmakers are examining whether foreign crypto investments influenced US policy, but Cointelegraph reports no finding that they did.