May 6, 2025 – Washington D.C.
A political firestorm is brewing in D.C. — and this time, it’s not just about Trump’s politics, but his crypto profits.
Senator Richard Blumenthal (D-CT) is sounding the alarm over former President Donald Trump’s alleged backdoor dealings in the booming world of digital assets. In a set of scathing letters sent Tuesday, the top Democrat on the Senate Permanent Subcommittee on Investigations launched an official inquiry into Trump-linked crypto ventures, including the now infamous TRUMP memecoin and World Liberty Financial (WLFI) — a shadowy project tied directly to the Trump family.
“This reeks of corruption and pay-to-play access,” Blumenthal warned, adding that Trump’s financial ties to these projects may violate federal law and even threaten national security.
Pump-and-Dump? Dinner with Trump?
At the heart of the investigation is Fight Fight Fight LLC, the company behind TRUMP coin — a token that saw wild price swings and accusations of a “pump and dump” scheme designed to enrich insiders.
One eyebrow-raising stunt? A “Dinner with Trump” promotion awarded top token holders a personal audience with the former president. According to Blumenthal, this was nothing short of a cash-for-access play.
World Liberty Financial: Big Money, Bigger Questions
Blumenthal also targeted Zach Witkoff, head of WLFI — a company accused of funneling foreign capital into Trump-connected crypto. The project’s stablecoin, USD1, launched in March, raised eyebrows for its rapid rollout — and for allegedly enabling overseas actors to gain financial leverage in the U.S. system.
“The Trump family reaped major financial rewards from WLFI,” the senator alleged, “inviting foreign governments and questionable figures into the fold.”
Democrats Push Back Hard
Tensions in Congress are boiling. House Democrats boycotted a planned crypto hearing on Tuesday over Trump’s potential conflicts of interest — opting instead for a closed-door meeting focused entirely on Trump’s crypto ties.
Even the Genius Act, a bipartisan stablecoin bill, is now at risk. A coalition of Senate Democrats say they won’t support it unless strict anti-money laundering rules are added — a direct response to the Trump-WLFI controversy.
Rep. Maxine Waters didn’t hold back:
“I’ve worked for years to ensure stablecoins are safe for Americans. Now, Trump just launches his own? This isn’t oversight — it’s chaos.”
What’s Next?
With subpoenas likely on the horizon and multiple agencies watching closely, Trump’s digital currency escapades are about to face the harsh light of public scrutiny.
As crypto becomes more entangled with politics, one thing is clear — this is no longer just about coins. It’s about control.
Stay tuned to CryptoDice News for ongoing coverage of the battle between crypto and Capitol Hill.
