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Two top Democratic lawmakers in the Senate are now calling for an investigation into a $2 billion cryptocurrency deal involving the Trump family’s firm.
Some shit you should know before you read: If you’re unaware, World Liberty Financial (WLF) is a cryptocurrency firm launched by President Donald Trump and his sons. The company recently announced that its newly issued stablecoin, USD1, will be used in a $2 billion transaction between MGX, an investment firm backed by the government of the United Arab Emirates, and crypto exchange Binance. Zach Witkoff, the son of Trump’s Middle East envoy Steve Witkoff, is a co-founder of the firm, which some say is entangling the business with individuals closely tied to US foreign policy interests. Although Donald Trump claims no direct management role in the company, he remains financially linked through a trust controlled by his children, meaning he still stands to benefit significantly from its operations.
What’s going on now: In a notable development, Senator Jeff Merkley of Oregon and Senator Elizabeth Warren of Massachusetts have formally requested that the Office of Government Ethics launch an investigation into the Trump family’s cryptocurrency venture, WLF. In a letter addressed to acting director Jamieson Greer, the senators warned that a recently disclosed $2 billion deal involving WLF, the UAE-backed firm MGX, and Binance “may violate the Constitution and open our government to a startling degree of foreign influence.” They alleged the Trump and Witkoff families “are receiving a cut of the deal between an entity of a foreign government… and a private entity… with significant business before the U.S. government,” raising concerns of a potential quid pro quo arrangement that could jeopardize national security.
The controversy has prompted Democratic lawmakers to resist the previously bipartisan GENIUS Act — a bill aimed at regulating stablecoins — over concerns that it would directly benefit the Trump family’s crypto business. Senator Warren warned that the bill “will make it easier for the president and his family to line their own pockets,” and added bluntly, “This is corruption and no senator should support it.”
11 Senate Democrats who had earlier backed the legislation now demanding major revisions, citing insufficient safeguards against money laundering and foreign influence.
This all comes after President Trump hosted an exclusive fundraising dinner at his Trump National Golf Club in Virginia, reportedly attended by major cryptocurrency executives. According to campaign officials, seats at the event cost over $1 million each, and the dinner was backed by a super PAC supporting Trump’s 2024 campaign.
