Elizabeth Warren Calls UAE Chip Export Rule 'Corrupt' Over Crypto Ties

Senator Elizabeth Warren accused the Trump administration of granting favorable chip export treatment to United Arab Emirates companies tied to a disputed foreign crypto arrangement. Her criticism followed a Commerce Department rule published in the Federal Register on July 14 that gives selected UAE entities easier access to advanced computing equipment. The rule names G42 and Core42 as approved recipients of certain advanced computing items without individual export licenses. It also says officials intend to favorably review applications involving MGX, the Abu Dhabi investment group that used the Trump-linked USD1 stablecoin for a $2 billion investment in Binance. The measure removes the UAE from two restricted country groups and places it in Country Group A:5, opening access to more license exceptions. Warren, the ranking Democrat on the Senate Banking Committee, called the arrangement a corrupt deal. She said Commerce Secretary Howard Lutnick and Under Secretary Jeffrey Kessler should testify before the committee about the rule and related national security concerns. Her statement linked the policy change to UAE investments involving World Liberty Financial, a crypto company associated with Trump and members of his family. Warren cited reports that a UAE royal connected to G42 and MGX acquired a 49% interest in the business. She also cited a reported $263 million gain for Trump linked to the wider UAE arrangement. Warren raised doubts about whether advanced US technology could reach China through UAE-linked entities. Commerce has not accepted her claim that the rule reflects improper conduct.