Trump envoy, World Liberty co-founder Steve Witkoff sold $120 million worth of real estate company shares to resolve potential conflicts of interest.

Donald Trump's special envoy for peace, Steve Witkoff, recently released a financial disclosure document showing that he has sold part of his stake in his namesake real estate management company, Witkoff Group LLC, valued at $120 million, to address potential conflicts of interest in his government position. The document details his vast assets and reveals the complex conflicts of interest arising from his association with the Crypto Assets project World Liberty Financial, which he co-founded with the Trump family, and its implications in international diplomacy.

To avoid conflicts of interest, Witkoff sold company shares

According to a financial disclosure document released last Saturday, Steve Witkoff has sold a portion of his stake in Witkoff Group LLC. This move was marked as "part of an asset divestiture plan" aimed at eliminating potential conflicts of interest he might face as a Trump administration official. Although he officially took office on June 30, he had already begun working well before Trump returned to the White House, assisting in mediating a ceasefire between Israel and Hamas.

The document shows that Witkoff Group is one of six assets valued at over $50 million by Witkoff, which also includes residential real estate in Southampton, New York, a bank cash account, and other entities.

Disclosure documents reveal vast assets and Crypto Assets interests

This 33-page document shows that Witkoff's total asset value is at least $350 million, but his net worth is undoubtedly higher. In addition to his massive real estate investments, he also holds shares in Elon Musk's SpaceX, as well as stocks in companies such as Cisco Systems Inc., Reddit Inc., and Uber Technologies Inc.

Notably, his assets also include shares in the crypto assets company World Liberty Financial Inc., which he co-founded with the Trump family before the September elections. According to Trump's recent financial disclosures, he personally profited $57.7 million from the company's token sales. Although Witkoff's specific profits have not been disclosed, he received $34 million in dividends from a holding company that includes World Liberty Financial.

Core Conflicts of Interest: Encryption Business and Diplomatic Missions

Steve Witkoff's diplomatic responsibilities have expanded to include mediating the Ukraine conflict and conducting peace diplomacy in the Middle East. However, his Crypto Assets business presents a potential conflict of interest with these diplomatic tasks. The co-founders of World Liberty Financial include Witkoff's two sons, Zach and Alex, as well as Trump's sons Donald Trump Jr., Eric Trump, and Barron Trump.

In May of this year, World Liberty Financial announced that its stablecoin USD1 is being used by the Abu Dhabi state investment fund MGX for a $2 billion investment in a crypto assets exchange. Given that MGX is a state fund of the UAE, this business cooperation has a direct connection to Witkoff's diplomatic role in the Middle East, highlighting the complex intertwining of his public office and private business.

Conclusion

Steve Witkoff's financial disclosure documents highlight the complex ethical challenges faced by government officials with extensive business interests like him. Although the sale of shares in Witkoff Group resolved a clear conflict of interest, his holdings in World Liberty Financial and the potential conflicts arising from it remain a focal point of public concern. This incident demonstrates that ensuring transparency and fairness in the conduct of public officials in the increasingly complex field of Crypto Assets is still a daunting task.