In a recent column for the National Review, former federal prosecutor Andy McCarthy criticized a controversial business venture involving former President Donald Trump, his family, and special envoy Steve Witkoff. The venture, identified as World Liberty Financial (WLF), is a crypto business that has reportedly generated billions in revenue. McCarthy described the situation as “sordid,” outlining the complexities and ethical implications associated with the enterprise.
According to McCarthy, WLF was established in the autumn of 2024, shortly before Trump was expected to reclaim the presidency. He suggested that the business serves as a vehicle for leveraging political power into financial gain, positing that cryptocurrencies can easily mask the nature of political transactions as mere financial dealings. He argued that since Trump’s sons do not hold government positions, the Trump family, along with Witkoff, could claim that WLF operates independently of Trump’s political influence. However, McCarthy contends that political influence is, in reality, the primary attraction driving foreign investment and consumer interest in the venture.
The column also highlights that just days before Trump’s inauguration in January 2025, the United Arab Emirates (UAE) began investing substantial sums—reported to be at least $2.5 billion—into the crypto enterprise. He further observed that this influx of funds coincided with the UAE receiving access to advanced American chip technology, which had previously been restricted due to its connections with the Chinese Communist Party. McCarthy noted that during this time, the UAE was also granted significant diplomatic attention from the Trump administration, gaining importance in the geopolitical landscape of the Middle East.
Moreover, McCarthy referenced the ongoing Republican House impeachment inquiry into President Joe Biden and his family. Allegations have emerged, claiming that the Biden family profited approximately $27 million through schemes leveraging the President’s office. In stark contrast, McCarthy emphasized that the financial gains the Trump family has made through WLF far surpass the figures associated with the Biden probe.
He stated, “You know what the difference is between the Biden family business and the Trump family business? You’d have to add two digits to the sum of Biden abuses of power, foreign entanglements, and corruption alleged in the report to get near what Trump has raked in just from the UAE.”
Concluding his commentary, McCarthy asserted that this issue is unlikely to fade from public discourse as the 2024 election approaches, suggesting that the implications of WLF and its associated financial dealings will remain a focal point in the months ahead.
