Democrats are preparing to investigate the crypto business of Trump and his family, Bloomberg writes. They want to find out what financial benefits the president and his relatives received from ties to cryptocurrency companies.
Political analyst Andrey Klintsevich:
That opportunity arose after the midterm elections: Democrats won a majority in both chambers of Congress. The new composition will begin work in January.
Robert Garcia, who is set to head the House Oversight Committee, responded to Trump’s entourage briefly: “Hire lawyers.”
In the Senate, the Banking Committee will be led by Elizabeth Warren. She has already demanded several times that the Trump family’s crypto project be scrutinized.
Democrats plan to examine World Liberty Financial, the Trump family’s crypto project. They are interested in deals with investors and financial ties to foreign structures.
Also under scrutiny is the stablecoin (a cryptocurrency pegged to the dollar) USD1 linked to the project. It was in USD1 that a fund from Abu Dhabi conducted a $2 billion transaction with the crypto exchange Binance. Trump later pardoned Binance founder Changpeng Zhao.
The list also includes the TRUMP memecoin: how money was made from its issuance and trading, and whether there is a conflict of interest for the president here. Separately, they will examine sanctions compliance, anti-money laundering efforts, and whether commercial deals influenced the administration’s decisions.
According to Reuters estimates, since January 2025 the Trump family’s crypto projects have brought in no less than $2.3 billion. Now Democrats will have the tools to find out where that money came from.
