Richard Blumenthal Probes $TRUMP Coin – Does Foreign Money Buy Oval Office Access?

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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May 6, 2025

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Ranking member of the U.S. Senate Permanent Subcommittee on Investigations (PSI), Senator Richard Blumenthal (D-CT), announced that the government entity would launch a “preliminary inquiry” into U.S. President Donald Trump’s crypto ventures, as stated in a May 6 press release.

Democratic Senators Seek $TRUMP Inquiry

According to a May 6 letter addressed to Fight Fight Fight LLC (one of the organizations behind the newly launched $TRUMP meme coin), Blumenthal scrutinized Trump’s namesake cryptocurrency and the proposed exclusive gala dinner later this month for its top investors.

“President Trump’s financial entanglements to the $TRUMP coin, as well as the attempted use of the White House to host competitions to prop up the value of $TRUMP, represent an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder,” Blumenthal said.

In addition to potentially benefiting Trump, critics of $TRUMP allege that investors in the cryptocurrency may be able to buy favor with Trump, particularly regarding foreign interests.

“Chillingly, $TRUMP allows, and even invites, anyone in the world, including foreign governments and unscrupulous individuals, to directly enrich the President, while hiding potential payoffs in the pseudonymity of the blockchain,” he added.

Trump’s Crypto Connection Under A Magnifying Glass

Blumenthal claimed that he is also “seeking answers” from Zach Witkoff, co-founder of the Trump-affiliated World Liberty Financial, over how the President may be violating the law and using the immense power of the federal government to enrich the company, its foreign business partners, and others in the cryptocurrency industry.

Just last week, the recently launched crypto platform announced that its new stablecoin, USD1, will be used to settle a deal between Abu Dhabi-based investment firm MGX and crypto exchange Binance, prompting outrage from several Democratic lawmakers.

In an April 25 letter, Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) called on Jamieson Greer, the acting director of the U.S. Office of Government Ethics, to launch an “urgent inquiry” into Trump’s ties to the crypto sector.

“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” they said.