Written by Rebecca Ballhaus and Angus Berwick, The Wall Street Journal

Compiled by: Luffy, Foresight News

 Steve Witkoff and his son, crypto entrepreneur Zach Witkoff, at the Republican National Convention last July. Image source: Bloomberg

A month before President Trump took office, Middle East envoy Steve Witkoff flew to the United Arab Emirates with two goals: to discuss regional issues with Tahnoon bin Zayed al Nahyan, a member of the Abu Dhabi royal family, and to attend a cryptocurrency conference.

Less than five months later, Witkoff's son, Zach Witkoff, co-founder of crypto company World Liberty Financial, announced at a conference in Dubai that the company had reached an agreement with Tahnoon's company, which would purchase $2 billion of World Liberty's cryptocurrency. The Witkoffs and the Trump family (note: the Trump family holds 60% of World Liberty Financial) are expected to share tens of millions of dollars in annual profits.

On May 15, the elder Witkoff met with Tahnoon again, this time to unveil a deal long sought by the UAE: giving the oil-rich Gulf monarchy access to millions of advanced American-made computer chips.

Steve Witkoff, 68, a longtime friend of Trump, has traveled around the world to handle diplomatic affairs since becoming the special envoy. Meanwhile, his 32-year-old son Zach Witkoff and his team of advisers have traveled to at least four countries to promote crypto trading aimed at making World Liberty Financial an industry leader.

The parallel dealings of the father and son in the UAE provide a stark example of how World Liberty Financial’s commercial endeavors intertwine with official government business.

Zach Witkoff, in a pitch call with crypto companies, compared Trump to "the Godfather" and said World Liberty would take advantage of the increasingly friendly crypto regulatory policy changes in the U.S., according to people familiar with the matter. His posts on the X platform often mention his father's work for the White House.

The interweaving of government negotiations and private business deals is rewriting the rules of diplomacy for some countries trying to forge ties with the new Trump administration. The pursuit of business opportunities in the Persian Gulf and elsewhere by Trump-linked parties, including the Witkoffs, since Trump took office has not previously been reported.

In addition to hiring U.S. lobbyists and sending delegations to Washington to improve relations with the Trump White House, some countries seeking to advance their own affairs have met with family members and friends of U.S. officials, according to people familiar with the matter and photos and videos of the meetings posted on social media. 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 a close friend of Donald Trump Jr. (President Trump's eldest son) to discuss digital assets.

 On May 1, World Liberty Financial co-founder Zach Witkoff (center), crypto entrepreneur Justin Sun (left) and Trump's second son Eric Trump (right) attended the cryptocurrency conference Token2049 in Dubai. Photo source: Wall Street Journal

White House deputy press secretary Anna Kelly said Steve Witkoff is divesting his assets, including World Liberty, and that he has no "operating role" at the company and will not discuss company or personal matters while in government. She said Trump is "incredibly proud of what Steve has accomplished." Witkoff, who does not receive a government salary but travels around the world on a private jet and has not disclosed his finances, has said he will transfer all of his assets to his sons.

David Wachsman, a spokesman for World Liberty, said the company’s business dealings have nothing to do with the U.S. government and that the company “is not even in a position to discuss official government matters.” He said it was incorrect to “try to characterize World Liberty and Ambassador Witkoff holding meetings in the same country as some kind of conflict of interest,” adding that “there is no connection between the two.”

He denied Zach Witkoff calling Trump his godfather, noting that Witkoff is Jewish and does not have a godfather.

The Trump Organization, the Trump family’s real estate company, has pledged not to strike new deals with foreign governments during the Trump administration. World Liberty has made no such commitment.

Before getting involved in the cryptocurrency space, Zach Witkoff worked as a project manager at his father’s New York real estate company, the Witkoff Group. In 2020, he took over the family office and, according to his LinkedIn profile, is “focused on blockchain.” He founded World Liberty with his father and others in September, seven weeks before the presidential election.

World Liberty, which has issued a dollar-pegged cryptocurrency called USD1 that is designed to help businesses and individuals move money across borders outside the banking system, has marketed its tokens to foreign governments eager to improve relations with the U.S., according to people who have worked with the company.

In addition to World Liberty’s meetings with UAE officials, Zach Witkoff also met with senior government officials in Pakistan, weeks before those same people negotiated a ceasefire with India with the Trump administration. He told them that World Liberty could use blockchain technology to “tokenize” the buying and selling of Pakistan’s rare earth minerals. Meanwhile, Pakistan has been negotiating a potentially trillion-dollar rare earth and other minerals deal with the United States, according to a lobbyist working with Pakistan on the deal.

A World Liberty spokesman said the company's meetings in Pakistan had "nothing to do" with any deal Pakistan might negotiate with the Trump administration.

Zach Witkoff’s advisors and colleagues also met with the Malaysian foreign minister and prime minister and the Kyrgyz president, and spoke at a Moscow cryptocurrency conference attended by Russia’s deputy finance minister.

 Steve Witkoff (second from left) meets with Sheikh Tahnoon bin Zayed al Nahyan (second from right) in Abu Dhabi this month. Photo posted on the Sheikh's Instagram account

Changpeng Zhao, founder of cryptocurrency exchange Binance, provided some introductions for World Liberty's overseas journey. In 2023, Zhao and Binance pleaded guilty to violating U.S. anti-money laundering laws. Zhao has been seeking a pardon from the Trump administration, hoping his company would return to the U.S. market and end compliance requirements imposed after reaching a settlement with the Justice Department. A spokesman for World Liberty said Zhao and Zach Witkoff are friends, but Zhao is not a mediator.

A Binance spokesperson said Zhao Changpeng has been driving "global innovation" in the cryptocurrency industry and the company is "proud to help the United States become the global cryptocurrency capital."

World Liberty does not disclose its token purchasers, but has raised more than $550 million in token sales this year. Disclosed purchasers include Abu Dhabi-based cryptocurrency trading firm DWF Labs, which bought $25 million worth of tokens, and Chinese-born cryptocurrency entrepreneur Justin Sun, who invested $75 million and now serves as an adviser to the company. Sun was a guest of honor at a cryptocurrency-related dinner with Trump on Thursday night.

The World Liberty team has held talks with other companies in the Gulf region about potential symbolic purchases, according to people familiar with the matter, and has said such deals could help its expansion plans in the U.S. A World Liberty spokesman denied the company’s claim that such deals could help its expansion plans in the United States.

Since taking office, Trump has been working to weaken government regulation of the cryptocurrency industry. The U.S. Securities and Exchange Commission (SEC) has dropped more than a dozen cases against cryptocurrency companies, including one against Justin Sun, the largest known outside investor in World Liberty.

World Liberty’s business is booming. Just one month after its launch, USD1 has become the fifth largest stablecoin in the world by market value, thanks to its partnership with the UAE. Binance launched USD1 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 Links

Weeks after Trump won the 2024 election, Steve Witkoff, an old friend from the New York real estate circle, embarked on a trip to the Middle East. Trump appointed Witkoff as a special envoy to the Middle East shortly after his victory, and he told Biden administration officials that he wanted to start rebuilding connections in the region, according to people familiar with the matter.

While in Abu Dhabi, Witkoff attended a cryptocurrency conference and spoke privately with other crypto entrepreneurs who would later become key figures at World Liberty, including Justin Sun and Changpeng Zhao. Witkoff told attendees that cryptocurrency would take off under Trump.

Zach Witkoff was not present because his wife was in labor. They named their son Don, after the president. He and his brother Alex have taken over World Liberty.

According to the Wall Street Journal, Steve, Zhao’s father, who was not familiar with crypto technology, was involved in the deal negotiations between Zhao Changpeng’s crypto exchange Binance and representatives of the Trump family. Both Witkoff and Zhao Changpeng denied any involvement in the negotiations.

As Trump’s inauguration approaches, some countries are exploring new ways to build ties. During Trump’s first term, relations between Pakistan and the United States were strained. The United States suspended $300 million in military aid to Pakistan in 2018, and Trump repeatedly accused the country of not doing enough to combat militant groups.

Seeking a new beginning, Pakistan hired an American lobbyist in early January to help arrange a meeting in Washington during Trump's inauguration, where Pakistan's interior minister called for more U.S. investment.

In late January, Gentry Beach, a Texas financier and friend of Donald Trump Jr., led a delegation of investors to meet with Pakistani Prime Minister Shehbaz Sharif and his cabinet, saying they wanted to invest billions of dollars in luxury real estate and Pakistan's mineral sector, which is rich in rare earth minerals such as lithium. Earlier that month, at an event at Mar-a-Lago, Beach boasted about the access he had gained to foreign government leaders after Trump's victory. "They treated me like President Trump," he said.

Beach’s 20-year-old son Gentry Beach Jr. met with Pakistani Finance Minister Muhammad Aurangzeb, a former JPMorgan Chase executive, in Islamabad in February to discuss opportunities for developing the crypto industry in Pakistan. Pakistan’s Ministry of Finance sees cryptocurrencies as a way to attract cautious foreign investors and revive the sluggish economy.

Beach Jr. was joined at the meeting by a Dubai sheikh, a Russian tech executive and the co-founder of the crypto project IslamicCoin. Beach said her son did not know the others present and never represented himself in any capacity related to the U.S. government.

Another American with ties to the Trump administration was also in attendance: Keli Whitlock, chief commercial officer of Blockchain America, whose sister is married to Defense Secretary Hegseth.

Pakistani officials do not see Beach as the right person to help Pakistan become a regional cryptocurrency leader, according to a person familiar with the matter. The finance minister ordered the creation of a national cryptocurrency committee to oversee the drafting of cryptocurrency regulations in hopes of attracting investors. He named Pakistani tech entrepreneur Bilal bin Saqib, who attended a Binance yacht party in Abu Dhabi last December and a UAE cryptocurrency conference attended by Steve Witkoff, as the head.

Pakistani contacts

Pakistan has reason to hope for improved relations with the Trump administration. In late February, the U.S. government exempted $397 million in security aid to Pakistan from a foreign aid freeze. In his State of the Union address, Trump thanked Pakistan for helping to arrest a terrorist, which delighted Pakistani officials.

Lobbying records show that in April, Pakistan signed an agreement to pay $200,000 per month to Trump's former bodyguard Keith Schiller and former Trump Organization chief lawyer George Sorial to hire the two as consultants to help the country establish a "long-term economic partnership" with the United States, particularly in the areas of rare earths and critical minerals.

At almost the same time, Binance's Zhao Changpeng went to Pakistan and was appointed as a strategic advisor to the Pakistan Crypto Commission.

About a week later, World Liberty named Pakistani tech entrepreneur Bilal bin Saqib as an advisor, saying he had experience working with governments.

Now, Pakistan has a link with Trump.

On April 26, a private plane carrying World Liberty’s leadership landed in Islamabad. Zach Witkoff and co-founders Zak Folkman and Chase Herro were greeted by Saqib on the tarmac. In a ceremony with Pakistan’s Ministry of Finance, Witkoff signed a memorandum of understanding that the ministry said would allow World Liberty to help Pakistan become a global crypto leader and use its stablecoin USD1 for remittances and trade.

Later that day, the delegation flew to Lahore, where a police convoy escorted them to a century-old fort for evening celebrations. Fireworks were set off in their honor, and Coldplay’s “Fix You” blared through the night. “You’re sitting on trillions of dollars of rare earth minerals,” Witkoff said during a taped “fireside chat” at Lahore’s Shalimar Gardens.

A spokesman for the U.S. Embassy in Pakistan said that supporting the development of digital assets is the policy of the Trump administration, calling it a "new area of diplomatic work" for the U.S. mission in Pakistan. Pakistan's Ministry of Finance declined to comment, and the Pakistani Embassy in the United States did not respond to a request for comment.

Lobbying records show that the Treasury secretary was trying to arrange a meeting with the Trump administration while meeting with World Liberty. An American lobbying firm hired by Pakistan in April for $25,000 a month approached a Treasury official in early May about facilitating a call with the minister.

Pakistan lobbyist Robert Seiden said talks on a rare earth minerals deal with the U.S. government were progressing quickly. He said under the new administration, countries "recognize that there is now a path forward as long as they are willing to make commercial deals with the United States."

Trump has continued to speak positively about Pakistan, saying on Fox News last week: "They're a smart people who make incredible products."

Controversy and regulatory concerns

From Pakistan, Zach Witkoff traveled to Abu Dhabi for a private Binance conference to meet with Changpeng Zhao, and then to Dubai for the Token2049 conference, where he and Eric Trump announced that Sheikh Tahnoon’s company MGX’s $2 billion investment in Binance will be paid in World Liberty’s USD1 stablecoin.

Changpeng Zhao continues to open doors for World Liberty. In May, he traveled to Kyrgyzstan to meet with the president and formally join the country’s National Crypto Committee. He and a World Liberty advisor also met with the Malaysian government to discuss “digital financial cooperation” between the two countries on crypto regulation.

Some Democratic lawmakers are investigating whether World Liberty violated the law in its interactions with foreign governments and foreign citizens.

Last week, Zach Witkoff published a letter on X Platform in response to an inquiry from Senator Richard Blumenthal, a Connecticut Democrat, who requested details of World Liberty’s finances, communications with the Trump administration, and other policy information.

Witkoff's letter said World Liberty had exercised "rigorous due diligence" to comply with the law but did not provide the requested records.

The letter was signed by Teresa Goody Guillén, an attorney at Baker Hostetler LLP, who has also been lobbying on Binance’s behalf since February.