Trump envoy to Middle East faces conflict of interest questions in portfolio reveal

Steve Witkoff is still holding crypto linked to Donald Trump’s family business interests, almost nine months after joining the White House as the president’s special envoy for peace talks.

According to the White House, Steve hasn’t completed the process of divesting from World Liberty Financial, a company co-founded by Trump’s sons Donald Jr., Eric, and Barron, along with Steve’s sons Zach and Alex.

Steve began working for the administration unofficially in January, and was sworn in formally at the Oval Office in May, but his crypto holdings tied to Trump are still intact, raising conflict of interest concerns.

A White House official allegedly confirmed to Bloomberg News that Steve “has completed his financial disclosure and is working with ethics officials and counsel to ensure he is in full compliance with government rules,” and that includes taking the legal steps needed to fully divest.

But that process is still ongoing. Steve had said in March that he was in the middle of handing off his real estate and crypto assets to his sons to avoid ethical issues, but the White House now says the transfer is still underway.

Trump sons run crypto firm while envoy stays invested

World Liberty Financial has become a major crypto player with ties to foreign investment. In May 2025, the company’s USD1 stablecoin was used by MGX, an Abu Dhabi-backed fund, to pour $2 billion into Binance.

MGX was launched last year by the UAE to target investments in a deal that happened the same month Trump visited the country and signed an AI cooperation agreement.

The firm’s public activities run directly through the same regions where Steve now leads diplomatic negotiations. His role includes helping manage the U.S. response to Russia’s war in Ukraine, as well as Middle East peace efforts, both of which demand regular meetings with foreign leaders.

Federal ethics law prohibits officials from participating in matters where they have a personal financial interest. That law doesn’t apply to Trump himself, but it does apply to Steve.

The Trump sons are now central to the family’s growing crypto empire. Donald Jr. and Eric still hold executive roles in the Trump Organization but are publicly leading the charge into crypto, alongside their younger brother Barron.

World Liberty opened its token for public trading on September 1, and then reached a deal with a listed company to stockpile the asset, adding $670 million to the Trump family’s net worth, based on Bloomberg Billionaires Index data.

$1.3 billion in crypto gains collide with White House role

That wasn’t the only windfall. In March, the Trump family also launched American Bitcoin Corp, a crypto mining outfit. Eric’s stake alone was valued at more than $500 million when the company’s stock shot up on September 3, just two days after World Liberty opened its token.

Altogether, the two projects, both under a year old, have generated about $1.3 billion in new wealth for the Trumps. That doesn’t include roughly $4 billion worth of locked tokens that Bloomberg says are still off-limits. The crypto gains now rival the value of legacy Trump assets like Mar-a-Lago and Trump Tower.

For a family that’s stamped its name on steaks, vodka, golf courses, and skyscrapers, the pace and size of the crypto windfalls are something new entirely.

Steve is tied to all of it. The White House released his financial disclosure on a Saturday, showing that he sold his stake in his real estate firm for $120 million to address potential conflicts. The disclosure also showed he collected $34 million in payouts from a holding company that owns real estate, hotel and golf assets, as well as a stake in World Liberty Financial. But that crypto exit is still in limbo.

“Divestiture can be lengthy for someone with Steve’s wealth and long career,” the White House said. And while the paperwork drags on, the legal risk climbs. The longer Steve stays invested in a firm that’s active in regions where he negotiates peace deals, the closer he gets to crossing into violation territory.

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