Trump Crypto Empire Dragged Into Probe Over Elite Access and Foreign Cash

U.S. Senator Richard Blumenthal (D-CT), Ranking Member of the U.S. Senate Permanent Subcommittee on Investigations, announced on May 6 that the subcommittee is initiating a preliminary inquiry into the TRUMP cryptocurrency and affiliated companies tied to President Donald Trump.

U.S. Senator Richard Blumenthal (D-CT), Ranking Member of the U.S. Senate Permanent Subcommittee on Investigations, announced on May 6 that the subcommittee has commenced a preliminary inquiry into TRUMP cryptocurrency and affiliated companies linked to former President Donald Trump.

The probe follows a seven-month investigation by the subcommittee into cryptocurrency and the potential for fraud, theft, and other abuses in the sector.

The subcommittee is examining Fight Fight Fight LLC—the entity behind the TRUMP token—and World Liberty Financial Inc. (WLFI), the subject of a recent U.S. Securities and Exchange Commission (SEC) complaint for allegedly defrauding investors with a purported presidential investment fund.

The probe is focused on several key areas, including:

* Any conflicts of interest arising from Trump’s financial ties to the cryptocurrency and the entity’s attempts to engage in pay-to-play schemes by offering private dinners with Trump to top token holders to boost the token’s value.

* The involvement of foreign entities in the cryptocurrency and potential violations of the foreign emoluments clauses of the U.S. Constitution.

* The adequacy of protections against insider trading in cryptocurrencies.

In letters to individuals involved in the ventures, Blumenthal requested detailed information about ownership structures, financial operations, and links to foreign entities.

His letter to developer Bill Zanker of Fight Fight Fight LLC focused on a recent promotional effort that offered a private dinner with Trump to the top 10 TRUMP token holders on May 20. This move rapidly boosted the token’s value.

President Trump’s financial entanglements to the TRUMP coin, as well as the attempted use of the White House to host competitions to prop up the value of TRUMP, represents an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder.

He added that Trump and affiliated companies control a vast majority of the token supply and have financially benefited from related transaction fees—an arrangement that may violate ethics standards and financial disclosure obligations.

In a separate letter to WLFI co-founder Zach Witkoff, Blumenthal expressed concern over a partnership with the Emirati state-owned MGX investment firm, suggesting it could breach the foreign emoluments clause.

Highlighter broader concerns over the use of presidential influence for financial gain, Blumenthal wrote:

President Trump has used the federal government to enrich cryptocurrency firms through the creation of a Strategic Bitcoin Reserve and United States Digital Asset Stockpile, and used the White House to promote cryptocurrencies (including inviting you to the first ‘crypto summit’).

The subcommittee is requesting records of communications with the Trump Organization, the Executive Office of the President, and foreign governments, as well as documentation of internal compliance policies regarding insider trading and foreign investment.

The subcommittee is also interested in any correspondence with members of Congress or federal agencies concerning regulatory or legislative proposals.

Cryptocurrency companies have largely praised Trump for his pro-cryptocurrency stance, citing his support for digital asset adoption and resistance to overregulation.

Industry executives argue that under Trump, crypto innovation thrived, contrasting sharply with President Joe Biden’s administration, which focused on aggressive enforcement actions rather than constructive engagement. This divergence in policy has amplified political divides in the sector.