- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Democratic Senator Investigates Trump’s ‘Chilling’ Crypto Ventures
By: decrypt|2025/05/08 01:15:03
0
Share
Democratic Senator Investigates Trump’s ‘Chilling’ Crypto Ventures Opposition lawmakers continue to criticize the president’s crypto ambitions. In brief Democratic Senator Richard Blumenthal has opened an investigation into President Trump's crypto businesses. Blumenthal has alleged that the launch of the Trump meme coin is unethical. President Trump has a number of digital asset ventures that draw ire from Democrats. Decrypt’s Art, Fashion, and Entertainment Hub. Democratic senator Richard Blumenthal is investigating how President Donald Trump's crypto business ventures are potentially violating federal laws. U.S. Senator Richard Blumenthal said Tuesday that President Trump's meme coin launch and other crypto industry ventures represent "an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder." Blumenthal announced that the Senate Permanent Subcommittee on Investigations would be opening a preliminary inquiry into the launch of the president's cryptocurrency, Official Trump , along with DeFi platform World Liberty Financial and the president's other digital asset interests. "Chillingly, TRUMP allows, and even invites, anyone in the world, including foreign governments and unscrupulous individuals, to directly enrich the president, while hiding potential payoffs in the pseudonymity of the blockchain," Blumenthal said in his announcement, quoting a letter to he wrote to the developer of the Official Trump cryptocurrency, Bill Zanker. The new commander-in-chief ahead of his January inauguration launched a Solana-based meme coin called Official Trump—which trades as TRUMP —and it quickly soared in value before crashing. It's now down 85% from its peak price. Democrats have alleged that the new commander in chief has profited from the virtual coin's launch, but the president has denied this and avoided questions on the matter. The president is also associated with an Ethereum-based decentralized finance project, World Liberty Financial. Trump's sons, Eric and Donald Jr., first announced the project last year, and the then-Republican nominee promoted the project on social media ahead of his election win. Decrypt in March reported that the president and his associates had pocketed around $390 million in revenue from promoting World Liberty Financial. In April, President Trump also announced a private dinner later this month at his Washington-area golf club for the top 220 holders of his meme coin, plus a private reception and a White House tour for other investors. The announcements have drawn ire from Democratic lawmakers, who claim that promoting the meme coin is corrupt. House Democrats walked out of a hearing Tuesday about impending crypto industry legislation, due to complaints over Trump's perceived crypto conflicts. President Trump campaigned ahead of his November win to help the digital asset industry and received backing from crypto entrepreneurs and Silicon Valley hotshots and members of the "PayPal mafia", including current White House AI and crypto czar David Sacks and Tesla CEO Elon Musk. Edited by James Rubin Daily Debrief Newsletter
You may also like
AI Agent Gets ID and Wallet on the Same Day | Rewire News Morning Brief
Agent infrastructure for the economy is forming faster than anyone expected
IOSG: Power Flexibility Paradigm Shift: From Macro Assets to Distributed Intelligence Layer
The power system is being asked to perform a task it was not designed to do.
Murata 35% Price Increase Explained: A Capacitor that Gives AI Empire a Cold
Choosing to raise at this point in time has a clear financial incentive
MiniMax: A Henan County Youth and His 300 Billion
Money, cards, and people were scarce, yet it spurred the highest levels of engineering prowess and architectural innovation.
From Abandoned Project to Sky-High Target, Mastercorp Acquires BVNK for $1.8 Billion
The stablecoin is no longer a competitor to the card networks, but has instead been assimilated into its underlying network as a highly complementary business subset.
Is Polymarket's Pricing Accurate? I Simulated a Crisis with 200 Agents to Find Out
The more participants, the richer the discussion structure, and the more valuable the resulting signal.
A Decade of Regulation Finally Clarified, Victory for Crypto-Native Logic
Three Charts to Explain What's in This 68-Page Document
The United States Establishes the "Five Categories Law" for Cryptographic Assets: A Summary to Understand the New Regulatory Framework
Is the "Wild West" era of cryptocurrency assets officially coming to an end?
Morning Report | Mastercard plans to acquire BVNK for up to $1.8 billion; Solana Foundation launches aggregator Tokens on Solana; Bitcoin sees its first 8 consecutive rises in four years
Overview of Important Market Events on March 17
Aster Chain officially launches: defining a new era of on-chain privacy and transparency
The privacy-focused trading ecosystem Aster, supported by YZi Labs, announced today that the Aster Chain mainnet is officially launched.
Stargate Debut Illustrated: The 1.4 Trillion Computing Power Empire Dream, Awakened
One Year Plus, Zero Employees, Zero Code
A Billion-Dollar Life Buy Threat Triggered by an Iranian Missile
One Word Change by a Reporter Can Make Gambler Win Millions
BlackRock Launches ETHB: Ethereum ETF Enters 'Interest-Bearing Age'
The BlackRock ETHB is not the first Ethereum ETF in the United States, but it is taking the most standard route.
Nvidia Starts Putting Chips in the Road | Rewire News Evening Update
Huang Renxun said this is the "ChatGPT Moment of Autonomous Driving"
RootData: February 2026 Cryptocurrency Exchange Transparency Research Report
This month's cumulative spot trading volume on cryptocurrency exchanges has decreased slightly by 4.7% compared to January, which is the result of multiple factors including market conditions, the macro environment, and the Spring Festival holiday in Chinese-speaking regions.
「One and Done SEA」, so OpenSea chooses to wait a little longer
It's already Q1 2026, and we're still waiting for OpenSea to launch its token.
Ray Dalio: The Resolution of the US-Iran Conflict Is In the Strait of Hormuz
In war, the ability to endure pain is often more important than the ability to inflict pain.
In just 70 days, Polymarket easily raked in tens of millions in fees
The money printer is running, and the future ceiling only depends on two main variables.
AI Agent Gets ID and Wallet on the Same Day | Rewire News Morning Brief
Agent infrastructure for the economy is forming faster than anyone expected
IOSG: Power Flexibility Paradigm Shift: From Macro Assets to Distributed Intelligence Layer
The power system is being asked to perform a task it was not designed to do.
Murata 35% Price Increase Explained: A Capacitor that Gives AI Empire a Cold
Choosing to raise at this point in time has a clear financial incentive
MiniMax: A Henan County Youth and His 300 Billion
Money, cards, and people were scarce, yet it spurred the highest levels of engineering prowess and architectural innovation.
From Abandoned Project to Sky-High Target, Mastercorp Acquires BVNK for $1.8 Billion
The stablecoin is no longer a competitor to the card networks, but has instead been assimilated into its underlying network as a highly complementary business subset.
Is Polymarket's Pricing Accurate? I Simulated a Crisis with 200 Agents to Find Out
The more participants, the richer the discussion structure, and the more valuable the resulting signal.
App