President Donald Trump is now the subject of a Senate investigation over his expanding involvement in cryptocurrency businesses, as Democratic Senator Richard Blumenthal raises red flags about a possible pay-to-play scheme — where financial contributions might buy access to political power.
🔹 The Focus: Linking Crypto to Presidential Influence
Blumenthal, the top Democrat on the Senate’s Permanent Subcommittee on Investigations, sent official letters on Tuesday to individuals involved in crypto ventures connected to Trump, including Bill Zanker (Fight Fight Fight LLC) and Zach Witkoff (World Liberty Financial).
He is demanding transparency regarding ownership and investments tied to several entities:
🔹 Fight Fight Fight LLC – the company behind the $TRUMP memecoin
🔹 CIC Digital LLC – issuer of Trump-branded NFTs
🔹 Celebration Cards LLC – another NFT-linked entity
🔹 DTTM Operations LLC – the firm managing Trump’s intellectual property
🔹 World Liberty Financial – under scrutiny for potential foreign involvement
🔹 Concerns Over Foreign Influence and Ethics Violations
The inquiry centers around potential conflicts of interest, foreign financing, and violations of federal ethics rules. Blumenthal is seeking answers on:
🔸 Whether any of these companies accepted funds from foreign governments
🔸 If individuals under criminal investigation are involved
🔸 How these businesses are generating revenue and preventing illicit investments
The letters suggest that these ventures might be violating government ethics standards by allowing outside entities to buy influence or proximity to a future Trump administration.
🔹 Democrats Sound the Alarm, But Lack Subpoena Power
As Democrats are currently in the minority in the Senate, Blumenthal cannot issue subpoenas without the cooperation of Republican Senator Ron Johnson, who has yet to respond.
Meanwhile, pressure is growing across Congress:
🔸 Congresswoman Maxine Waters held her own hearing focused on Trump’s crypto connections
🔸 Senator Ruben Gallego and other Democrats signaled opposition to stablecoin legislation over concerns about Trump-related crypto deals
🔸 Eric Trump’s recent claim that Abu Dhabi-based MGX would use a Trump-linked stablecoin to invest $2 billion in Binance has further fueled skepticism
Lawmakers worry these developments could represent foreign interference and political influence-buying via unregulated digital assets.
🔹 Trump’s Shift from Crypto Critic to Crypto Player
Despite his previous public opposition to cryptocurrencies, Trump has embraced the digital asset world — from NFT launches in 2022 to promoting meme coins and stablecoins. His ventures often involve opaque partnerships and foreign-linked investors, raising transparency concerns.
The investigation is now targeting these entities, which together form a network of promotional and financial tools potentially open to abuse.
📌 Summary:
Trump’s growing crypto empire is facing intense scrutiny from Senate Democrats, who fear it may be used as a tool for influence trading and foreign meddling. If confirmed, these links could lead to serious political and legal consequences, especially as Trump’s 2024 campaign gains momentum.
With no clear regulations in place, lawmakers worry that crypto may be exploited to skirt ethics laws and sell access to the highest bidder.
#TRUMP , #DigitalAssets , #memecoin , #CryptoNewss , #USPolitics
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