Senate Democrats seek probes into Trump crypto ventures
Top Senate Democrats asked Republican committee chairs to investigate whether the president’s crypto ventures create conflicts or foreign influence risks.
Top Senate Democrats are calling for investigations into President Donald Trump’s crypto ventures, escalating scrutiny over the president’s financial ties to the industry as Congress weighs new digital asset rules.
Sens. Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin and Ron Wyden asked Republican committee chairs to examine whether Trump’s crypto businesses pose national security risks or create conflicts of interest, according to Bloomberg.
The request follows Trump’s latest financial disclosure, which showed more than $1.4 billion in income from crypto ventures. Reuters reported that the figure included nearly $800 million from World Liberty Financial and $635 million from Trump meme coin sales.
The senators said the disclosures deepen concerns over Trump backing crypto legislation while profiting from the industry. They also pointed to the administration’s efforts to loosen crypto oversight and the Justice Department’s decision to disband its National Cryptocurrency Enforcement Team.
The lawmakers serve as the top Democrats on the Senate banking, investigations, homeland security, judiciary and finance panels. They asked Republican counterparts to investigate potential influence from the United Arab Emirates or unknown third parties on Trump administration actions.
Warren and the same group of Democrats previously called for hearings into foreign crypto deals involving Trump family businesses. In June, they cited reporting on a $500 million investment tied to World Liberty Financial and said Congress should examine whether the deal influenced later U.S. policy decisions involving the UAE.
The White House rejected the allegations. Spokesperson Anna Kelly called the statement a repeated Democratic attack on Trump and said there were no conflicts of interest.
The scrutiny comes as lawmakers continue negotiations over the CLARITY Act, a crypto market structure bill backed by the White House and congressional Republicans. Warren and other Democrats have argued that the bill favors the crypto industry while failing to address conflicts involving presidential crypto holdings.