Steve Witkoff, the real estate executive turned top Middle East envoy under Trump, is being pressed by Senate Democrats to explain why he’s still holding crypto investments while serving as a U.S. diplomat.

On Wednesday, eight Democratic senators, led by Senator Adam Schiff of California, sent Steve a letter demanding answers about his financial ties to World Liberty Financial, a crypto company he cofounded with the President in 2024. The letter was first reported by The New York Times, which also revealed Steve’s business overlap with U.S. foreign policy in the region.

The ethics disclosure submitted by Steve on August 13 shows that, despite divesting from his real estate business to the tune of $120 million, he still owns crypto assets tied to World Liberty Financial, as well as shares in other related companies. “Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, your ability to serve the American people over your own financial interests,” Schiff and the seven other senators wrote in the letter.

Lawmakers point to UAE business ties

According to the filing, Steve still holds cryptocurrency through World Liberty Financial, plus ownership stakes in WC Digital Fi LLC, which was described in internal company papers as an entity “affiliated with Steve Witkoff and certain of his family members.” He also has financial interests in WC Digital SC LLC and SC Financial Technologies LLC, both of which appear to be involved in crypto-related activity.

Democrats say this raises red flags, especially given World Liberty Financial’s operations in the United Arab Emirates, where Steve currently serves as the U.S. government’s top diplomat. His business and diplomatic roles overlap, and senators want to know whether his decisions abroad are being influenced by financial incentives at home.

The letter comes just weeks after The New York Times ran an investigation revealing Steve’s involvement in a multi-billion-dollar AI deal between the U.S. and the UAE. The deal was signed in May, and it aims to establish the largest AI campus outside the United States. The problem? Only two weeks before that agreement, World Liberty Financial locked in its own $2 billion deal with MGX, a UAE state-owned investment firm.

Stablecoin deal with Binance fuels concerns

The MGX investment was funneled into Binance using USD1, a stablecoin created and issued by World Liberty Financial. Stablecoins are pegged to currencies like the U.S. dollar, and in this case, the transaction not only boosted USD1 into one of the largest stablecoins in circulation but also positioned the company to earn tens of millions in interest from the assets backing those coins.

But according to Fortune, that back-to-back timing caught the attention of ethics watchdogs and lawmakers alike, with two US Republican senators already requesting an investigation into Steve’s business dealings following the Times story. Now, the new letter ramps up that pressure with a broader group of signatories, including Senators Ron Wyden, Andy Kim, Richard Durbin, Catherine Cortez Masto, Gary Peters, Elissa Slotkin, and Cory Booker.

These lawmakers argue that Steve’s crypto ties present a conflict of interest, one that could undermine trust in U.S. foreign policy, especially in a region where crypto investment and U.S. diplomacy appear tightly linked.

Their letter asks Witkoff to explain the full scope of his crypto holdings, any income earned from them, and whether he disclosed those interests while working on U.S. agreements abroad.

They’ve given him until October 31 to respond.

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