US Democrats Prepare Probe of Trump Family Crypto Business, Targeting Conflicts of Interest

Democrats, who won control of both the House and Senate in the U.S. midterm elections, are preparing a congressional investigation into President Donald Trump’s family crypto business. At issue are business profits, inflows of foreign money and potential conflicts of interest in the financial regulatory approval process.

Bloomberg Government reported on November 4 that Democrats plan to use Congress’s investigative powers to scrutinize the Trump family’s crypto venture. Reuters estimated the family’s crypto-related earnings at at least $2.3 billion since Trump returned to the presidency.

The inquiry is set to focus on the decentralized finance project World Liberty Financial, or WLFI. The project, involving Trump’s sons and the family of special envoy Steve Witkoff, issues the dollar-pegged stablecoin USD1 and the governance token WLFI. Large stake purchases by overseas investors have fueled concerns over the influence of foreign capital and potential conflicts of interest.

Sen. Elizabeth Warren, who is in line to chair the Senate Banking Committee, said she would thoroughly investigate allegations of conflicts tied to Trump’s crypto business. She also criticized the Office of the Comptroller of the Currency’s conditional approval for establishing a WLFI-linked national trust bank, calling it “the most blatant self-dealing our financial system has ever seen,” and said she would pursue related legislation.

Democrats may also use committee powers to hold hearings and obtain documents. Max Raymond, a financial policy analyst, told Bloomberg that Democrats’ first move would be an oversight hearing to determine the extent of Trump’s crypto transactions. Rep. Robert Garcia, who is set to chair the House Oversight Committee, posted on social media shortly after the election: “Hire a lawyer.”

When the 120th Congress begins in January 2027, Democratic committee leaders will gain the authority to issue subpoenas compelling witness testimony and document production. The White House and Trump’s side rejected the Democrats’ plans as politically motivated.