Trump in Danger as Democratic Majority Takes Aim at His Crypto Empire

Rawpixel.com / Shutterstock For years now, we’ve watched as president Donald Trump and his family have enriched themselves by launching dubious cryptocurrency schemes — at the same time that the White House should be holding the industry accountable. There’s serious money at play. Trump and his family made off with nearly $3 billion during the first year of his second term alone, raising major flags among transparency and ethics advocates. But following a Democratic sweep in last week’s midterm elections, Trump’s crypto empire could now be facing some major accountability. And investors are already getting spooked: as Gizmodo points out, crypto ventures with direct ties to the president, including World Liberty Financial and the memecoins $MELANIA and $TRUMP are hitting all-time lows after the elections. The crypto industry overall spent about $170 million in its attempts to boost Republican candidates in the midterms, but ended up getting trounced. “This is an awful night for crypto,” one industry lobbyist told Politico. “From a Hill perspective, they are going to be lit on fire against crypto.” Democrats are gearing up to take control of both chambers of Congress in January, and it’s likely we’ll see them go after the president’s crypto endeavors. Senator Elizabeth Warren (D-MA), who has accused Trump of naked “corruption” by turning one of his crypto businesses into a bank, is already reportedly gearing up to kick off a fight. “Big Tech CEOs, Administration officials, Trump family crypto businesses, Wall Street executives, and giant corporations should preserve their documents and prepare to answer tough questions,” an unnamed aide for the Senate Banking Committee, which Warren is poised to take over in January, told Politico in a separate story. “You’re going to see a lot of ​investigations,” Stifel chief Washington policy strategist Brian Gardner told Reuters. Banks are also preparing to assist in upcoming probes into Trump’s crypto ties — and corporate donors could be the first to be investigated. Last week, Democratic senator and oversight panel member Richard Blumenthal sent off some early warning shots in the form of a letter addressed to a number of crypto companies — including the Trump family’s World Liberty Financial — informing them that they could soon be forced to produce documents. The companies “failed to adequately respond to the Subcommittee’s requests and have not produced any responsive records,” the letter reads. If they don’t “voluntarily produce the requested records and information by January 4, 2027,” it’ll “leave the Subcommittee with no choice but to consider alternative measures to obtain compliance.” Congressman and House Committee on Oversight and Government Reform member Robert Garcia (D-CA) put it even more bluntly. “LAWYER UP,” he tweeted following the midterm elections. More on Trump and crypto: Investors in Trump’s Crypto Coin Are Now Screwed Beyond Belief