A Permanent Subcommittee on Investigations is reviewing President Donald Trump's cryptocurrency project

The inquiry centers on a cryptocurrency called $TRUMP, launched in January 2025 by Fight Fight Fight LLC.

A House subcommittee is investigating former President Donald Trump’s cryptocurrency project amid allegations of corruption, foreign interference, and potential market manipulation.

The Permanent Subcommittee on Investigations announced an inquiry into the $TRUMP memecoin, launched in January 2025 by Fight Fight Fight LLC. The probe will examine the token’s rapid price movements, promotional activities, and investments by Chinese entrepreneurs.

The Subcommittee requested records and explanations from Fight Fight Fight LLC to assess potential conflicts of interest and any violations of federal law. According to the request, Fight Fight Fight LLC and its affiliates, including CIC Digital LLC, Celebration Cards LLC, and DTTM Operations LLC, collectively hold 80% of the total coin supply.

"We are concerned that foreign actors, including foreign governments, may be using the TRUMP coin to channel money to former President Trump in violation of the Foreign Emoluments Clause of the Constitution," the Subcommittee wrote.

The probe comes amid broader legislative tension over cryptocurrency oversight.

During a joint hearing of the House Financial Services and Agriculture Committees on Wednesday, Representative Maxine Waters slammed a bipartisan crypto market structure bill that she claims would weaken oversight and help what she described as “Trump’s crypto corruption.”

"This bill is a disaster for those of us who are hoping to see meaningful financial reform," said Rep. Maxine Waters (D-CA). "It’s no secret that I’ve been a vocal critic of the Trump administration’s corruption."

"This administration has flouted the law at every turn, and they’ve shown no respect for the norms and conventions that are supposed to guide our government," she continues. "Now, as we face a new wave of financial innovation, the Trump administration is attempting to rewrite the rules of the game to serve its own interests."

"This legislation would create new opportunities for Trump and his family to engage in the same types of financial scams and market manipulation that we saw throughout his presidency," she alleges.

The comment follows Senator Elizabeth Warren pulling her support for the bill over concerns that it might provide financial gains to the former President through a related stablecoin called USD1.

"This legislation is worse than I thought,” Sen. Elizabeth Warren (D-MA) stated during the hearing. "It appears that this bill would give Trump a related stablecoin, apparently valued at about $18, according to blockchain analytics, which is purposely designed to flout the Constitution and maximize Trump’s personal financial gain."

"This legislation risks giving Trump an illegal windfall from his USD1 coin," she claimed.

The bill is intended to define the oversight responsibilities between the SEC and the Commodity Futures Trading Commission. However, the ongoing investigation into the $TRUMP coin has placed pressure to stall or modify the legislation.

The House subcommittee is interested in learning more about the rapid price movements of the token, especially shortly after its launch.

Reports show that the TRUMP memecoin surged in value shortly after its launch in January 2025, with its price increasing by more than tenfold within two days. Although the value fell to their minimum and this provoked different arguments over manipulation of the market. By April 8 it float at $7.42 after reaching its high of $74.27.

The token's action also drew attention from some analysts who said it mimics other behaviors seen in the crypto space, including pump and dump schemes. Others include pumping the stock with insiders immediately selling the stocks at much higher prices.

Specifically, the Subcommittee has inquired about any probes into insider early access or trading prior to major promotional announcements by the company.

The president supported the coin by giving speeches and encouraging others to join what he called “my very special Trump Community.” These promotions appeared to influence trading behavior. A recent contest titled “Dinner with Trump” was announced in April, offering the top 220 coin holders a private dinner with the former President, sparking a new price surge.

The Senate is also reviewing potential foreign financial involvement in the project.

According to blockchain data and a public leaderboard for the contest, one of the top holders of $TRUMP is Justin Sun, a Chinese-born entrepreneur currently facing civil charges from the Securities and Exchange Commission (SEC) for alleged market manipulation.

The Subcommittee raised concerns that foreign actors, including foreign governments, could use the coin to channel money to the former President. This could violate the Foreign Emolubles Clause of the Constitution. Lawmakers are requesting documentation about communications between Fight Fight Fight LLC and any foreign investors or governments.

They also asked for details about communications between the company and the White House, especially regarding the contest’s initial promise of a “VIP White House Tour.” That language was later removed, but the change raised questions about whether government resources were being used for private promotions.

The Subcommittee has asked Fight Fight Fight LLC to provide a list of its owners, advisors, investors, and consultants by May 19, 2025. Lawmakers also want