At the Bitcoin MENA conference on Tuesday in Abu Dhabi, Eric Trump, the executive vice president of the Trump Organization and son of US President-elect Donald Trump, praised the United Arab Emirates for its leadership in blockchain innovation and confirmed that World Liberty Financial Inc.—a crypto venture founded two months before November’s US election with the former and future president as a financial beneficiary—has secured a $30 million investment from the Tron crypto platform.
While Tron’s supporters say its technology is cheaper and more flexible than established networks, Israeli and US authorities say it has facilitated transfers tied to groups designated as terrorist organizations, raising questions about ethics and potential conflicts of interest as the incoming administration shapes its digital finance policies.
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Eric Trump speaks at the Bitcoin MENA conference in Abu Dhabi, UAE
(Photo: Screenshot from YouTube)
The conference drew prominent figures in blockchain, Middle East finance, and members of the incoming US administration. Eric Trump championed the UAE’s ambitions in the crypto sphere, echoing his father’s stated goal to make the United States “the global leader in cryptocurrencies.” He called blockchain “faster, cheaper, and more transparent” than conventional financial infrastructure and predicted that bitcoin would reach $1 million in value. The audience responded with applause, some sporting red “Make Bitcoin Great Again” hats.
UAE’s crypto vision and regulatory framework
The UAE’s burgeoning role as a leader in digital finance has been fueled by incentives like zero corporate taxes, strategic investments, and regulatory clarity. Central to these efforts is the Virtual Assets Regulatory Authority (VARA), which oversees compliance with anti-money laundering and counter-terrorism financing standards while ensuring investor protection. Free zones, including the Abu Dhabi Global Market and the Dubai International Financial Centre, attract blockchain businesses with tailored regulations and financial benefits. This focus on clear and supportive regulatory structures contrasts with what many view as a more fragmented environment in the US.
“The UAE is often seen as using its crypto policies to enhance its geopolitical clout, but I view it the other way around: its geopolitical clout is driving the success of its crypto policies,” Sam Blatteis, CEO of The MENA Catalysts and a former public policy head for Google in the Gulf, told The Media Line. “The policy and intentions were driven by diversification of the financial economy as an aim. The result has been the geo-economic benefits of countries looking to cooperate on digital assets, and global companies moving to the UAE. But leading a digital-asset enabling environment took ‘chutzpah’ before it became popular. It was not without risks.”
Stablecoins and everyday applications
Beyond traditional cryptocurrencies like bitcoin, the UAE is increasingly exploring stablecoins, which are digital currencies tied to conventional assets—often the US dollar or the UAE dirham—to maintain a stable value. This reduces price volatility and makes them more practical for everyday transactions. In August, Tether, a leading stablecoin issuer, announced plans to launch a dirham-backed stablecoin in partnership with Abu Dhabi-based firms. Eric Trump praised stablecoins as a bridge between traditional and digital financial systems, a view echoed by local innovators who see them as an important tool to facilitate cross-border payments and promote financial inclusion.
Cryptocurrencies are already being integrated into routine life in the UAE. Bitcoin and other digital currencies can be used for transactions ranging from buying coffee to purchasing real estate. “When I say ‘alternative to cash,’ I mean I treat cash as just another asset class,” Mohamad Khaled Mrad, founder of SVN Capital in Dubai, told The Media Line. “Bitcoin, for instance, is as liquid as cash—you can do peer-to-peer transfers, move funds between banks, and convert it easily.”
Mrad, a veteran wealth manager, emphasized the shift in perception since 2019, when crypto moved from a speculative investment to a recognized store of value. Still, he warned about volatility: “My father once told me about a donkey trader who drove prices sky-high. … Bitcoin and other cryptos rely heavily on belief and market sentiment. If that changes, their value could disappear overnight.” Advising clients, he suggests limiting exposure to just 1–5% of their portfolios unless they have substantial expertise in digital assets.
Tron investment, ethics, and conflicts of interest
World Liberty’s new partnership with Tron sets off alarms for some experts. Tron’s founder, Chinese-born entrepreneur Justin Sun, will join the Trump-Witkoff venture as an adviser. Israeli authorities say that Hamas and other groups designated as terrorist organizations have used Tron’s low-cost, high-speed network for illicit financing. Israel’s National Bureau for Counter Terror Financing froze numerous Tron wallets since July 2021, linking many to Hamas, Hezbollah, and other groups. The US Treasury Department also seized Tron wallets allegedly connected to terrorism financing after the 2023 attack on Israel.
Steve Witkoff, a billionaire real estate developer and close ally of Donald Trump, co-founded World Liberty Financial alongside Trump. He has a stake in WC Digital Fi, LLC, which is entitled to a portion of World Liberty’s revenues. Witkoff was recently named special envoy to the Middle East by the incoming Trump administration, a decision that has drawn scrutiny due to his lack of foreign policy experience. Critics argue that his financial interests in World Liberty could lead to potential conflicts of interest as he advises on Middle East policy.
According to a report in Reuters, an anonymous source familiar with Witkoff’s plans stated he would place his assets in a “blind trust.” However, the source confirmed he would retain ownership of those assets. Ethics experts contend that even with a trust, conflicts of interest could arise if his financial stake in World Liberty benefits from his diplomatic role. Additionally, Witkoff’s connection to Trump heightens concerns over the overlap between the venture and the administration’s crypto regulatory policies.
The US-UAE Partnership and Israeli Involvement
As the US and the UAE deepen cooperation on digital finance, David Sacks, the incoming White House artificial intelligence and cryptocurrency adviser, is expected to play a key role in shaping blockchain policy. Sacks, who has invested heavily in Israeli startups, may draw on the UAE’s approach to innovation and regulation. The Abraham Accords have expanded cooperation between Israel and Gulf states, creating synergies for fintech and crypto initiatives.
Yoni Assia, CEO of eToro—an Israeli-founded social trading platform that incorporates cryptocurrencies—was among the conference’s prominent participants, reflecting how the UAE, Israel, and the US are finding common ground in fintech. This triangular cooperation strengthens a growing ecosystem in which blockchain companies can thrive, experiment, and scale in a supportive environment.
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“The UAE’s leadership in blockchain isn’t just about technology; it’s about vision,” Blatteis said. “Their ability to balance innovation with regulation is something other nations, including the US, can learn from.”
As the Bitcoin MENA conference concluded, many saw the UAE’s strategies as both inspiration and warning. While the country’s policies encourage crypto adoption, questions about transparency, foreign influence, and conflicts of interest persist. Observers say the incoming US administration’s handling of ethical concerns surrounding World Liberty and Tron’s involvement will serve as an early test of its commitment to ensuring responsible crypto regulation.