A US Senate investigative panel is preparing to investigate potential conflicts of interest linked to President Donald Trump’s growing involvement in cryptocurrency, a recent letter shows.
This inquiry focuses on Trump’s financial ties to the $TRUMP meme coin and his family’s World Liberty Financial (WLF), both of which have raised concerns about foreign influence and ethical breaches.
On May 6, Sen. Richard Blumenthal, the ranking member of the Senate Permanent Subcommittee on Investigations, sent letters to executives associated with Trump’s crypto ventures, including Bill Zanker of Fight Fight Fight LLC, the entity behind the $TRUMP coin, and Zach Witkoff of WLF, a decentralized finance platform supported by Trump and his sons.
Since 2024, however, he has embraced the sector, launching WLF alongside his sons and crypto entrepreneurs. The platform has raised over $550m through token sales, with the Trump family standing to gain a significant share. Meanwhile, the $TRUMP coin surged to a $7.7b valuation shortly after its launch, reinforcing Trump’s brand association with the digital asset market.
Trump’s foray into the crypto world marks a notable shift, as he once dismissed digital currencies as a “scam.”
Critics, including Senator Jeff Merkley, argue that such deals could be a conduit for foreign governments to funnel money to the Trump family, raising alarms about potential conflicts of interest and national security risks. Blumenthal’s inquiry comes after growing concerns over Trump’s deregulation efforts in the crypto sector, including his decision to dismantle the National Cryptocurrency Enforcement Team at the Justice Department.
The investigation also scrutinizes foreign investments in WLF, particularly a $2b deal involving an Abu Dhabi-backed firm, MGX, and crypto exchange Binance.