Written by: Rebecca Ballhaus, Angus Berwick, Wall Street Journal
Translated by: Luffy, Foresight News
In July last year, Steve Witkoff and his son, crypto entrepreneur Zach Witkoff, were at the Republican National Convention. Photo source: Bloomberg.
In the month before President Trump’s inauguration, Middle East envoy Steve Witkoff traveled to the UAE with two objectives: to discuss regional issues with Abu Dhabi royal family member Tahnoon bin Zayed al Nahyan, and to attend a cryptocurrency conference.
Less than five months later, Zach Witkoff, co-founder of the cryptocurrency firm World Liberty Financial, announced at a conference in Dubai that the company had reached an agreement with Tahnoon’s enterprise, which will purchase $2 billion of cryptocurrency issued by World Liberty. The Witkoff father and son, along with the Trump family (notably, the Trump family holds a 60% stake in World Liberty Financial), are expected to share tens of millions of dollars in annual profits.
On May 15, elder Witkoff met with Tahnoon again, this time to unveil a long-sought agreement by the UAE: to secure millions of advanced American-made computer chips for the oil-rich Gulf monarchy.
68-year-old Steve Witkoff has been a longtime friend of Trump, traveling the globe to handle diplomatic affairs since being appointed envoy. Meanwhile, his 32-year-old son Zach Witkoff and his advisory team have visited at least four countries to advance crypto deals aimed at making World Liberty Financial an industry leader.
The parallel dealings of this father and son in the UAE starkly illustrate how World Liberty Financial's business efforts intertwine with government affairs.
According to insiders, Zach Witkoff compared Trump to the "Godfather" during a pitch call with a cryptocurrency company, indicating that World Liberty would fully leverage the U.S.'s increasingly friendly cryptocurrency regulatory changes. His posts on the X platform frequently mention the work his father is doing for the White House.
The intertwining of government negotiations and private business transactions is rewriting diplomatic rules for some countries attempting to establish ties with Trump’s new administration. Trump affiliates, including the Witkoff father and son, have sought business opportunities in the Gulf since Trump's inauguration, a fact that had not been reported previously.
Insiders and photos and videos from meetings shared on social media show that some countries seeking to advance their own affairs, in addition to hiring U.S. lobbyists and sending delegations to Washington to improve relations with Trump's White House, have also met with the relatives and friends of U.S. officials. For example, a senior Pakistani finance minister met with the sister-in-law of U.S. Defense Secretary Pete Hegseth and the 19-year-old son of Donald Trump Jr., a friend of the president's eldest son, to discuss digital asset issues.
On May 1, World Liberty Financial co-founder Zach Witkoff (center), cryptocurrency entrepreneur Justin Sun (left), and Trump’s second son Eric Trump (right) attended the cryptocurrency conference Token2049 held in Dubai. Photo source: Wall Street Journal.
White House Deputy Press Secretary Anna Kelly stated that Steve Witkoff is divesting his assets, including World Liberty, and that he does not hold any "operational positions" at the company, nor will he discuss company or personal matters during his government service. She noted that Trump is "immensely proud of Steve’s accomplishments." Witkoff does not receive a government salary but travels the world on private jets and has not publicly disclosed his financial status. He has stated that he will transfer all assets to his sons.
World Liberty spokesperson David Wachsman stated that the company's business dealings have nothing to do with the U.S. government, and that the company "does not even have the capacity to discuss official government affairs." He added that it is incorrect to characterize the attempt to hold a meeting between World Liberty and Ambassador Witkoff in the same country as some sort of conflict of interest, stating that there is "no connection between the two."
He denied that Zach Witkoff called Trump the Godfather, pointing out that Witkoff is Jewish and has no Godfather.
The Trump family’s real estate company, the Trump Organization, has committed not to enter into new deals with foreign governments during Trump's presidency. World Liberty has not made such a commitment.
Before entering the cryptocurrency space, Zach Witkoff worked as a project manager at his father's Witkoff Group in New York. In 2020, he took over the family office, focusing on blockchain according to his LinkedIn profile. He, along with his father and others, founded World Liberty in September, just seven weeks before the presidential election.
World Liberty issued a cryptocurrency called USD1, pegged to the dollar, aimed at helping businesses and individuals transfer funds across borders outside the banking system. According to people who have collaborated with the company, it has marketed the token to foreign governments eager to improve relations with the U.S.
In addition to World Liberty’s meetings with UAE officials, Zach Witkoff also met with several senior government officials in Pakistan, who weeks later negotiated with the Trump administration regarding a ceasefire with India. He told them that World Liberty could "tokenize" the buying and selling of rare earth minerals from Pakistan using blockchain technology. Meanwhile, according to a lobbyist collaborating with Pakistan on the agreement, Pakistan has been negotiating with the U.S. on a potential rare earth and other mineral deal worth trillions of dollars.
A spokesperson for World Liberty stated that the meetings held in Pakistan have "no relation" to any agreements Pakistan may negotiate with the Trump administration.
Zach Witkoff's advisors and colleagues also met with the Malaysian foreign minister and prime minister, as well as the president of Kyrgyzstan, and spoke at a cryptocurrency conference in Moscow attended by the deputy finance minister of Russia.
Steve Witkoff (second from left) met with Sheikh Tahnoon bin Zayed al Nahyan (second from right) in Abu Dhabi this month. The photo was posted on Sheikh’s Instagram account.
Changpeng Zhao, founder of the cryptocurrency exchange Binance, provided some introductions for World Liberty's overseas tour. In 2023, Zhao and Binance acknowledged violations of U.S. anti-money laundering laws. Zhao has been seeking a pardon from the Trump administration, hoping for his company to return to the U.S. market and to terminate compliance requirements imposed after a settlement with the Justice Department. A spokesperson for World Liberty stated that Zhao and Zach Witkoff are friends, but Zhao is not a mediator.
A Binance spokesperson stated that Changpeng Zhao has been advocating for "global innovation" in the cryptocurrency industry, and the company is "proud to help the U.S. become the global cryptocurrency capital."
World Liberty has not publicly disclosed its token purchasers, but it has raised over $550 million through token sales this year. Buyers disclosed include DWF Labs, a cryptocurrency trading company based in Abu Dhabi, which purchased $25 million worth of tokens, and Chinese-born cryptocurrency entrepreneur Justin Sun, who invested $75 million and currently serves as a company advisor. On Thursday night, Justin Sun attended a cryptocurrency-related dinner as a guest with Trump.
According to insiders, the World Liberty team has negotiated potential symbolic purchases with other companies in the Gulf region, suggesting that such transactions could support its expansion plans in the U.S. A spokesperson for World Liberty denied the company's claim that such deals could assist its expansion plans in the U.S.
Since Trump took office, he has been working to weaken government oversight of the cryptocurrency industry. The U.S. Securities and Exchange Commission (SEC) has dropped over a dozen cases against cryptocurrency companies, including one against Justin Sun, known as World Liberty's largest external investor.
World Liberty's business is thriving. Thanks to its collaboration with the UAE, USD1 became the fifth-largest stablecoin by market value just a month after its launch. Binance listed USD1 for trading on Thursday, a move that could boost demand for the token.
"This is just the beginning," Zach Witkoff posted on X in May.
Cryptocurrency connections
Weeks after Trump won the 2024 election, longtime friend Steve Witkoff from the New York real estate circle embarked on a trip to the Middle East. Insiders revealed that shortly after Trump’s victory, Witkoff was appointed as a Middle East envoy, expressing to Biden administration officials his desire to start rebuilding connections in the region.
During his time in Abu Dhabi, Witkoff attended a cryptocurrency conference and privately interacted with other crypto entrepreneurs, who later became key figures in World Liberty, including Justin Sun and Changpeng Zhao. Witkoff told attendees that cryptocurrency would develop rapidly under Trump’s administration.
Zach Witkoff was not present at the time as his wife was giving birth. They named their son Don, after the president. He and his brother Alex have taken over World Liberty.
According to the Wall Street Journal, the unfamiliarity of father Steve with cryptocurrency technology came as he was involved in negotiations between Zhao Changpeng’s Binance and representatives of the Trump family. Both Witkoff and Zhao denied being involved in the negotiations.
As Trump’s inauguration day approached, some countries began exploring new ways to establish connections. During Trump’s first term, U.S.-Pakistan relations were tense, with the U.S. suspending $300 million in military aid to Pakistan in 2018, and Trump repeatedly criticizing the country for not doing enough to combat militant groups.
In search of a fresh start, Pakistan hired U.S. lobbyists in early January this year to assist in arranging meetings in Washington during Trump’s inauguration, with the Pakistani Interior Minister calling for more American investment at the meetings.
In late January, Texas financier Gentry Beach, a friend of Donald Trump Jr., led a delegation of investors to meet with Pakistani Prime Minister Shehbaz Sharif and his cabinet, expressing hopes to invest billions in luxury real estate and Pakistan's mineral sector (rich in rare earth minerals like lithium). Earlier that month, at an event at Mar-a-Lago, Beach boasted that after Trump's victory, he had gained access to foreign government leaders. "They treat me like President Trump," he said.
Gentry Beach Jr., Beach’s 20-year-old son, met with Pakistani Finance Minister Muhammad Aurangzeb (former JPMorgan executive) in Islamabad this February to discuss opportunities for developing the cryptocurrency industry in Pakistan. The Pakistani Ministry of Finance views cryptocurrency as a means to attract cautious foreign investors and revive the sluggish economy.
Joining Beach Jr. at the meeting were a sheikh from Dubai, a Russian tech executive, and a co-founder of the crypto project IslamicCoin. Beach stated that his son did not know the others present and never represented himself as having any affiliation with the U.S. government.
Another American with ties to the Trump administration also attended the meeting: Keli Whitlock, Chief Business Officer of a U.S. blockchain company. His sister is married to U.S. Defense Secretary Hegseth.
An insider revealed that Pakistani officials do not consider Beach to be the right person to help Pakistan become a regional cryptocurrency leader. The finance minister ordered the establishment of a national cryptocurrency committee to oversee the drafting of cryptocurrency regulations, hoping to attract investors. He appointed Pakistani tech entrepreneur Bilal bin Saqib as the head, who had attended a Binance yacht party in Abu Dhabi last December and participated in a cryptocurrency conference in the UAE attended by Steve Witkoff.
Engagements with Pakistan
Pakistan has reason to expect an improvement in relations with the Trump administration. In late February, the U.S. government exempted $397 million of security assistance to Pakistan from the foreign aid freeze list. Trump thanked Pakistan for helping to capture a terrorist in his State of the Union address, which pleased Pakistani officials.
Lobbying records show that in April, Pakistan signed an agreement to pay Trump’s former bodyguard Keith Schiller and former Trump Organization chief lawyer George Sorial $200,000 per month, hiring them as consultants to help the country establish a "long-term economic partnership" with the U.S., particularly in rare earth and critical minerals.
Almost simultaneously, Binance’s Changpeng Zhao traveled to Pakistan to be appointed as a strategic advisor to the Pakistani cryptocurrency committee.
About a week later, World Liberty appointed Pakistani tech entrepreneur Bilal bin Saqib as an advisor, citing his experience in working with the government.
Now, Pakistan has a connection with Trump.
On April 26, a private jet carrying World Liberty's leadership landed in Islamabad. Zach Witkoff and his co-founders Zak Folkman and Chase Herro were welcomed on the tarmac by Saqib. At a subsequent ceremony with the Pakistani Ministry of Finance, Witkoff signed a memorandum of understanding, with the ministry stating that this would help World Liberty assist Pakistan in becoming a global cryptocurrency leader and facilitate remittances and trade using its USD1 stablecoin.
Later that day, the delegation flew to Lahore, escorted by police vehicles to a century-old castle for an evening celebration. Fireworks were set off in their honor, and Coldplay's (Fix You) echoed in the night sky. In a recording of a "fireside chat" in the Shalimar Gardens of Lahore, Witkoff said, "You have trillions of dollars worth of rare earth minerals."
A spokesperson for the U.S. Embassy in Pakistan stated that supporting the development of digital assets is a policy of the Trump administration, describing it as a "new area of diplomatic work" for the U.S. mission in Pakistan. The Pakistani Ministry of Finance did not comment, and the Pakistani embassy in the U.S. did not respond to a request for comment.
Lobbying records show that when the Treasury Secretary met with World Liberty, he was also trying to arrange a meeting with the Trump administration. A U.S. lobbying firm hired by Pakistan at a rate of $25,000 per month contacted a Treasury official in early May to discuss facilitating a call with the Secretary.
Pakistani lobbyist Robert Seiden stated that negotiations for rare earth mineral deals with the U.S. government are progressing rapidly. He stated that under the new administration, countries "realize that as long as they are willing to engage in commercial transactions with the U.S., there is a path forward now."
Trump continues to speak positively about Pakistan, stating last week on Fox News: "They’re smart people, making incredible products."
Controversy and regulatory scrutiny
From Pakistan, Zach Witkoff traveled to Abu Dhabi to attend a private meeting with Binance, meeting with Changpeng Zhao, and then proceeded to Dubai for the Token2049 conference, where he announced with Eric Trump that Sheikh Tahnoon's company MGX would pay for a $2 billion investment in Binance with World Liberty's USD1 stablecoin.
Changpeng Zhao continues to keep the door open for World Liberty. In May, he visited Kyrgyzstan to meet with the president and formally joined the country's national cryptocurrency committee. He and a World Liberty advisor also met with the Malaysian government to discuss "digital financial cooperation" between the two countries on cryptocurrency regulation.
Some Democratic lawmakers are investigating whether World Liberty's interactions with foreign governments and foreign nationals violate the law.
Last week, Zach Witkoff posted a letter on X in response to inquiries from Connecticut Democratic Senator Richard Blumenthal. Blumenthal requested financial details from World Liberty, information on communications with the Trump administration, and other policy information.
Witkoff said in a letter that World Liberty has undertaken "strict due diligence" to comply with the law but has not provided the requested records.
This letter was signed by Teresa Goody Guillén, an attorney at Baker Hostetler, who has also been lobbying for Binance since February.
