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Read the Letter to the Inspectors General
Your investigation of these allegations is consistent with the IG’s mission to prevent waste, fraud, and abuse in federal agencies, and can help determine if politically connected crypto interests are undermining our national security. As Congress considers legislation on the market structure for digital assets, we must ensure that cryptocurrencies like USD1 are not providing the President and senior officials with the ability to line their pockets at the expense of the public interest.
The following facts have been reported in multiple outlets regarding Mr. Witkoff:
• Mr. Witkoff’s son Zach Witkoff is the CEO of World Liberty Financial (WLF), which the President’s family owns a majority stake in.³
• Beginning in January, one of Sheikh Tahnoon’s employees, Fiacc Larkin, joined WLF as the “chief strategic advisor” while continuing to work at G42, an AI investment firm owned by Sheikh Tahnoon that, according to the U.S. intelligence community, works closely with Chinese military companies.4
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On May 1, 2025, Zach Witkoff announced that MGX, a state-owned investment firm controlled by Sheikh Tahnoon, had agreed to use a WLF-issued stablecoin, USD1, to make a $2 billion investment in Binance. As a result of this deal, WLF stands to reap hundreds of millions of dollars in transaction fees from MGX, and more from the returns on any investments it makes with the $2 billion deposit.³
As of August, Mr. Witkoff maintained a financial interest in WLF and thus stands to personally benefit from his son’s business dealings with the UAE.6 Nevertheless, he did not recuse himself from deliberations regarding the UAE, which may violate federal ethics law.
The following facts have been reported about Mr. Sacks:
●
•
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He is a special government employee who continues to serve as a “general partner” at his venture capital fund, Craft Ventures.
8
The Abu Dhabi Investment Authority, an Emirati sovereign wealth fund controlled by Sheikh Tahnoon, was an early investor in Craft Ventures and continues to hold an investment in the fund.
In addition, Craft Ventures is invested in BitGo, which has partnered with WLF to provide the technical infrastructure for USD1. If BitGo’s valuation grows, based on the UAE’s investment into USD1, Mr. Sacks and his firm stand to benefit.
3 Yahoo Finance, “Trump family reportedly has a 60% stake in the World Liberty Financial,” Anand Sinha, March 31, 2025,
https://finance.yahoo.com/news/trump-family-reportedly-60-stake-172742661.html.
4 New York Times, “Inside U.S. Efforts to Untangle an A.I. Giant’s Ties to China,” Mark Mazzetti and Edward
Wong, Nov. 27, 2023, www.nytimes.com/2023/11/27/us/politics/ai-us-uae-china-security-g42.html.
5 New York Times, “At a Dubai Conference, Trump’s Conflicts Take Center Stage,” David Yaffe-Bellany, May 1, 2025, https://www.nytimes.com/2025/05/01/us/politics/trump-cryptocurrency-usd1-dubai-conference-
announcement.html.
6U.S Office of Government Ethics, Form 278e for Steven C. Witkoff, August 13, 2025, p. 23, https://static01.nyt.com/newsgraphics/documenttools/090d0de07e1d2fdf/bbf02867-full.pdf.
18 U.S.C. § 208.
8 White House, “Limited Waiver Pursuant to 18 U.S.C. § 208(b)(1) Regarding A.I. Assets,” June 2025,
https://www.whitehouse.gov/wp-content/uploads/2025/06/David-Sacks.pdf.
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Video: Federal Reserve Holds Interest Rates Steady
new video loaded: Federal Reserve Holds Interest Rates Steady
transcript
transcript
Federal Reserve Holds Interest Rates Steady
In his first news conference as the Federal Reserve chair, Kevin Warsh announced that interest rates would remain unchanged.
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The committee decided to maintain the target range for the Fed funds rate at 3.5 to 3.75 percent. We recognize that inflation has been running well ahead of the Fed’s long-stated inflation goal of 2 percent. That’s been going on for more than five years. Persistently high prices are a burden for the American people. But the recent past need not be prologue. Thank you all very much.
By Alisa Shodiyev Kaff
June 17, 2026
News
Senate Republicans grow increasingly frustrated with Trump blindsiding them
WASHINGTON — As President Donald Trump scrambles to wrap up his war with Iran, he’s escalating another one much closer to home, against members of his own party in Congress.
From the sidelines of the Group of Seven summit in France, Trump ordered the Senate on Wednesday to cancel an afternoon hearing for Jay Clayton, his nominee to be director of national intelligence, and threatened not to sign a reauthorization of a critical surveillance law unless the Senate passed a sweeping election bill that has already failed — repeatedly.
The hearing delay not only blindsided and frustrated Senate Republicans, but it also completely derailed Majority Leader John Thune’s carefully laid plans to fast-track the nomination in a bid to unlock Democratic votes for the now-expired spying program.
Asked why Trump would pull the rug out from under them, Thune, R-S.D., said, “Good question.”
The Clayton incident isn’t the first time in recent weeks Trump has made Thune’s life more difficult.
Asked whether Trump and Senate Republicans are on different pages, Sen. Lisa Murkowski, R-Alaska, replied, “It may not be so much a different page, but he’s turning it ahead without telling us about it.”
The already fragile relationship is nearing a breaking point as Trump uses his clout to knock out senators in primaries, issue unachievable demands and repeatedly force the caucus into politically fraught positions. A number of Republican senators have expressed confusion, since his actions make it harder for them to push the White House’s own agenda forward.
“It’s undermining our ability to produce the very results he wants,” said retiring Sen. Thom Tillis, R-N.C. He called the Clayton postponement “a colossal mistake.”
GOP leaders pleaded with Trump to nominate a permanent national intelligence director after his acting pick, Bill Pulte, created a bipartisan firestorm on Capitol Hill over his lack of national security experience. Pulte is a close Trump ally and housing official who has pushed for mortgage fraud investigations into the president’s perceived enemies.
Once it became clear GOP leaders were looking to move Clayton’s nomination quickly — meaning Pulte would never step foot in the full-time role — Trump decided to throw a wrench into the process.
On Wednesday, after Trump instructed the Senate to stall his own nominee, some of his Republican allies said they’ve never seen anything like it before.
“No. I’ve only been in the Senate for 11 years, so no, I haven’t,” said Sen. Mike Rounds, R-S.D., who is running for re-election with Trump’s endorsement.
White House spokeswoman Abigail Jackson said in a statement: “The White House and President Trump have enjoyed working closely with Leader Thune and Senate Republicans to deliver on many important promises to the American people, including the largest tax cut for working Americans in history, and the Secure America Act that fully funds the President’s border security agenda. We look forward to continuing these close relationships and fulfilling President Trump’s priorities that Americans elected him to enact.”
Some rank-and-file Trump allies are trying to steer clear of the clashes.
“You could probably talk to other people around here. I don’t get caught up in, like, the palace intrigue,” Sen. Eric Schmitt, R-Mo., said when he was asked about Trump’s pushing to stall Clayton. “They tend to generally work themselves out.”
Senate Intelligence Committee Chairman Tom Cotton, R-Ark., repeatedly declined to answer questions from reporters Wednesday but, in announcing he would postpone the Clayton hearing, called the delay “regrettable.”
Cotton’s Democratic counterpart on the committee, Sen. Mark Warner, D-Va., said that “this is not a problem between Democrats and Republicans in the Senate,” placing the blame squarely on Trump.
“He threw a live hand grenade into this whole process,” Warner said.
It was just the latest instance in recent weeks of Trump’s timing disrupting his own agenda on Capitol Hill. His requests for $1 billion in ballroom security money delayed the ICE and Border Patrol funding bill. His administration’s announcement of a $1.8 billion “anti-weaponization” fund to compensate allies stalled it even further. And his choice of Pulte came days before the FISA Section 702 program expired, ending any hopes of a deal by last Friday’s deadline.
Adding to Republican frustration was Trump’s move to oust Sen. John Cornyn, R-Texas, with his endorsement of state Attorney General Ken Paxton in the primary. Not only is Cornyn well-liked among his colleagues, but GOP strategists also fear Paxton’s nomination will make it tougher to hold the seat this fall, boosting Democrats’ chances of winning control of the Senate.
“It’s not about sympathy; it’s about basically being able to function,” Cornyn said when he was asked whether he’s sympathetic to Thune’s situation. “I think part of the problem is not President Trump, it’s us making unrealistic promises, and then when they’re not attained, then criticizing one another.”
For Trump’s allies, the small slights are adding up. On Monday, when senators arrived at the Capitol for afternoon votes, they were flying blind in the face of questions about the emerging Iran deal. They weren’t given details, even as many of them have been asking to see the text of the memorandum of understanding. The White House sent them talking points later that evening, after they spent hours walking around the Capitol and addressing reporters.
Asked Wednesday early afternoon about the memorandum of understanding with Iran, Schmitt replied, “The MOU that no one’s seen?”
Even Thune appears to have been left in the dark.
“We haven’t seen anything yet, so there’s nothing really at this point to react to,” he told reporters of the memorandum of understanding Tuesday morning, though Trump had announced the 60-day ceasefire Sunday.
A senior U.S. official provided NBC News with a copy of the memorandum of understanding Wednesday, saying the U.S. originally held back on releasing the text at the request of Iran.
Much of the tension stems from Trump’s inability to secure his top legislative priority of passing the SAVE America Act, a sweeping election law to impose voting limits in every state. Democrats vehemently oppose it, ensuring it can’t get the 60 votes needed to pass the Senate. And most GOP senators are resolute in their opposition to abolishing the filibuster — another persistent Trump demand — seeing it as a long-term protector of conservative priorities.
Trump has also tried — and failed — to get Republicans to fire the parliamentarian, essentially the Senate’s referee, who has determined that the bill is ineligible for a simple-majority vote under Senate rules. And in a clear rebuke to Trump, his allies’ attempts to add it to the ICE and Border Patrol funding bill this month couldn’t even get 50 votes, losing four Republicans and failing 48-50.
“The only way you could get there is to undo or get rid of the legislative filibuster, and there aren’t even close to the votes here in the United States Senate in order to achieve that,” Thune told reporters this month of the SAVE America Act. “It’s not something that we’re going to be able to get done absent having an election, electing some more Republicans.”
Asked Wednesday about the Trump-Thune tensions, Sen. Cynthia Lummis, R-Wyo., said that Thune speaks for the Republican conference and that nobody is vying to replace him. She said Thune is right to candidly tell Trump the votes aren’t there to pass the election bill.
“He should be as frank as he’s being,” Lummis said. “My favorite saying: Tell the truth; it’s easier to remember.”
News
How Republicans Are Breaking Up Majority-Black Districts
After the Supreme Court weakened the Voting Rights Act in late April, Republican lawmakers across the South scrambled to redraw their states’ congressional maps.
The court’s decision allowed Republicans, who hold supermajorities in legislatures across the South, to go after more Democratic-held House districts, extending a lengthy tit-for-tat redistricting battle with Democrats that had seemed at an end. While Republicans said they were focused only on partisan advantage, not race, the changes effectively targeted areas where Black voters form the majority.
The effort angered many Black Democrats, who accused conservatives of intentionally undermining their voting power in a region with a painful history of discrimination. Voting remains racially polarized in the South, so Black voters have historically backed Democrats.
Here’s a look at how Louisiana, Alabama and Tennessee broke up majority-Black districts. At least one other Southern state, Georgia, aims to follow suit before the 2028 election.
Louisiana
Louisiana’s former congressional map was at the center of the case before the Supreme Court, which declared the map an illegal racial gerrymander. The new map targeted the Sixth Congressional District, a fairly new majority-Black seat that included the capital, Baton Rouge.
About a third of voters in Louisiana are Black.
Black outlines indicate majority-Black districts.
Distribution of Black voters in …
How Black voters were redistributed in Louisiana
During the debate over redistricting, the president of the State Senate, Cameron Henry, a Republican, told reporters, “If you’re taking the variables in place, such as incumbency, such as party, into some of the factors, you don’t have a lot of options.”
Where more Black or white people live
Where Trump orHarris got more votes
Most of the changes center on Black — and mostly Democratic — voters who live around Baton Rouge. The district lines, however, largely preserve the New Orleans-area majority-Black seat held by Representative Troy Carter, a Black Democrat.
Alabama
After the Supreme Court ruling, Alabama asked the courts to allow the state to use a map that the legislature approved in 2023 but that was later rejected by a federal court. The Birmingham-based federal court had ordered Alabama to draw a map with a second majority-Black district or something “close to it.”
More than one in four Alabama residents are Black.
Black outlines indicate majority-Black districts.
Distribution of Black voters in …
How Alabama dissolved one of its two Black voting strongholds
An independent special master drew a new district that stretched from the capital, Montgomery, through the region known as the Black Belt for its rich, loamy soil, to Mobile, a coastal city.
Outside the South, “there’s not that history of racial animus and racial discrimination towards blocking or minimizing your vote,” said Representative Shomari Figures, a Black Democrat who won the new majority-Black seat in 2024 only to see it redrawn to favor Republicans in 2026.
Where more Black or white people live
Where Trump orHarris got more votes
Republicans said the 2023 map would ensure representation for the Gulf Coast region of the state because it did not split Mobile from the rest of Mobile County. This month, the Supreme Court said Alabama could use it.
That leaves the state with one majority-Black district, which includes the city of Selma. That seat is held by Representative Terri Sewell, a Black Democrat.
Tennessee
After the Supreme Court ruling, Tennessee was the first state to draft and approve a new congressional map that went after its one majority-Black seat, the Ninth Congressional District.
That district included the city of Memphis, where more than half of the state’s Black population lives. The new map split the Memphis area into three districts.
Black outlines indicate majority-Black districts.
Distribution of Black voters in …
How Tennessee broke up its only majority-Black district
The Ninth was one of the few majority-Black districts represented by a white lawmaker, Representative Steve Cohen. Mr. Cohen, a Democrat who had retained significant support among Black voters since his first election in 2006, said he would not seek re-election.
Where more Black or white people live
Where Trump orHarris got more votes
There is no longer a single majority-Black district in Tennessee.
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