Catenaa, Wednesday, May 07, 2025-A US Senate subcommittee has launched an investigation into President Donald Trump’s growing involvement in cryptocurrency, focusing on potential conflicts of interest linked to his financial ties with the $TRUMP meme coin and World Liberty Financial (WLF).
The inquiry, led by Senator Richard Blumenthal, comes after concerns about foreign influence and ethical violations surrounding these ventures.
On May 6, Blumenthal sent letters to executives connected to Trump’s crypto initiatives, including Bill Zanker of Fight Fight Fight LLC, the organization behind $TRUMP coin, and Zach Witkoff of WLF, a decentralized finance platform.
The subcommittee seeks to understand how these ventures intersect with Trump’s presidential role and whether his financial interests influenced policy decisions.
Trump’s involvement in the cryptocurrency sector marks a significant shift, as he previously dismissed digital currencies.
Since 2024, he has embraced crypto, launching WLF and backing the $TRUMP coin, which saw its valuation surge to $7.7 billion.
Trump has denied profiting from the $TRUMP coin, but his association with these projects raises concerns about conflicts of interest, particularly with foreign investments like a $2 billion deal with an Abu Dhabi-backed firm, MGX, and crypto exchange Binance.
Critics, including Senator Jeff Merkley, have raised alarms about potential national security risks and the possibility of foreign governments funneling money to the Trump family.
The inquiry also highlights Trump’s deregulation efforts in the crypto sector, which have sparked bipartisan criticism.
White House says that Trump’s assets are managed in a trust by his children, denying any conflicts of interest.
