Senate Democrats Probe Trump’s Crypto Ventures Over Ethics, Foreign Influence

Senator Richard Blumenthal, the top Democrat on the Senate Permanent Subcommittee on Investigations, is probing former U.S. President Donald Trump’s involvement in cryptocurrency ventures, raising concerns over potential conflicts of interest and ethical violations. The inquiry questions whether Trump’s crypto activities represent a “pay-to-play” scheme that grants high-paying investors privileged access to political power.

In letters sent Tuesday to Bill Zanker of Fight Fight Fight LLC and Zach Witkoff of World Liberty Financial, Blumenthal requested detailed information on the ownership, investment structure, and financial dealings of Trump-linked crypto entities. These include Fight Fight Fight LLC, CIC Digital LLC, Celebration Cards LLC, and DTTM Operations LLC, all of which are tied to Trump's NFT and memecoin projects, as well as World Liberty Financial, a firm with alleged foreign ties.

Blumenthal’s letter highlights concerns about revenue sources, foreign investments, and potential involvement of individuals under criminal investigation. It also seeks documentation on how the companies vet investors, particularly foreign governments, and whether these businesses have generated income from crypto ventures like the $TRUMP memecoin and the USD1 stablecoin.

This investigation comes amid growing Democratic scrutiny of Trump’s crypto-related businesses. Representative Maxine Waters recently hosted a separate hearing to address concerns about Trump’s digital asset activities, bypassing a joint session with the House Agriculture Committee. Meanwhile, Democratic lawmakers have also voiced opposition to advancing stablecoin legislation due to alleged ties between the Trump family and a $2 billion Abu Dhabi investment through the Trump-affiliated USD1 stablecoin.

Senator Chris Murphy introduced a bill Tuesday aiming to bar sitting presidents and senior officials from launching memecoins or other crypto assets. As the minority party, Democrats lack subpoena power unless Republican Senator Ron Johnson joins the probe.