Senate Democrat Initiates Inquiry Into Trump’s Cryptocurrency Ventures
The leading Senate Democrat on a panel investigating corruption and mismanagement is examining U.S. President Donald Trump’s recent cryptocurrency activities, questioning whether they are part of a “pay-to-play scheme” to grant access to the Presidency to the highest bidder. Richard Blumenthal, ranking Democrat on the Senate Permanent Subcommittee on Investigations, wrote letters to Bill Zanker of Fight Fight Fight LLC and Zach Witkoff, a co-founder of World Liberty Financial, seeking information about the ownership and investment structure of Trump-affiliated entities. These include Fight Fight Fight LLC (the company behind the TRUMP memecoin), CIC Digital LLC (which issued Trump’s NFTs and co-owns Fight Fight Fight), Celebration Cards LLC (another entity related to Trump’s NFTs), and DTTM Operations LLC (which manages Trump’s intellectual property rights), as well as World Liberty Financial and its associated entities.
“The Permanent Subcommittee on Investigations is conducting a preliminary inquiry into potential conflicts of interest and legal violations from President Trump’s cryptocurrency ventures and their financial dealings with foreign nationals, foreign governments, and other cryptocurrency firms,” the letters stated, referencing both World Liberty Financial and the $TRUMP memecoin.
The correspondence expressed concerns that these businesses “may be facilitating violations of government ethics requirements,” and included questions directed at the companies’ executives. These inquiries involve how the companies identify or block investments from foreign governments, the revenue they have generated, and the participation of individuals facing legal scrutiny. The letters also requested documentation related to the Trump-affiliated crypto businesses.
Given that Democrats are currently in the minority in the Senate, Blumenthal lacks subpoena power unless his Republican counterpart, Sen. Ron Johnson, also consents. A spokesperson for Johnson did not immediately respond to a request for comment.
Democrats have heightened their concerns about Trump’s cryptocurrency ventures in recent days. Earlier, Rep. Maxine Waters, who leads her party on the House Financial Services Committee, opposed a joint hearing with the House Agriculture Committee focused on market structure legislation and instead held her own hearing addressing these cryptocurrency connections. A statement from Sen. Ruben Gallego and several other Democrats indicated they would not support the Senate’s stablecoin bill, a stance influenced by Trump’s crypto ties—particularly Eric Trump’s announcement regarding Abu Dhabi-based investment firm MGX planning to use the Trump-affiliated USD1 stablecoin for a $2 billion investment in Binance. Sen. Chris Murphy also introduced legislation aiming to prohibit the U.S. president and other senior officials from issuing memecoins or other financial assets.
