The leading Senate Democrat charged with oversight is examining President Donald Trump’s recent cryptocurrency undertakings and questioning whether these activities are part of a “pay-to-play” scheme to grant access to the presidency for the highest bidder.
Senator Richard Blumenthal, the chief Democrat on the Senate Permanent Subcommittee on Investigations, has sent letters to Bill Zanker of Fight Fight Fight LLC and Zach Witkoff, co-founder of World Liberty Financial, inquiring about the ownership and investment structure of Trump-connected businesses, including Fight Fight Fight LLC (the company associated with the TRUMP memecoin), CIC Digital LLC (which issued Trump’s NFTs and co-owns Fight Fight Fight), Celebration Cards LLC (another entity tied to Trump’s NFTs), and DTTM Operations LLC (which manages Trump’s IP rights). Also included are World Liberty Financial and related enterprises.
Both letters specify that the subcommittee is conducting a preliminary inquiry into possible conflicts of interest and legal violations associated with President Trump’s cryptocurrency endeavors and their financial interactions with foreign entities and cryptocurrency firms. Concerns were raised that these ventures could breach government ethics requirements.
Questions posed to the executives include methods for identifying or blocking foreign government investments, revenue generated, and whether individuals under investigation or prosecution can participate in their business dealings.
Blumenthal’s inquiry comes amid rising alarm among Democrats regarding Trump’s cryptocurrency dealings. Earlier that day, Representative Maxine Waters, leading her party on the House Financial Services Committee, protested a joint hearing on market structure legislation by organizing a separate meeting addressing these cryptocurrency connections.
Additionally, a recent statement from Senator Ruben Gallego and others indicated that they would oppose the Senate’s stablecoin bill, reflecting concerns over Trump’s cryptocurrency affiliations. This includes a notable announcement by Eric Trump about an investment firm using the Trump-linked USD1 stablecoin.
Senator Chris Murphy also introduced legislation seeking to prohibit the U.S. president and senior officials from issuing memecoins or other financial assets.
