Trump in Danger as Democratic Majority Takes Aim at His Crypto Empire

President Donald Trump and his family have been accused of profiting from dubious cryptocurrency schemes while the White House should have been holding the industry accountable, according to a report. In the first year of his second term, Trump and his family allegedly made nearly $3 billion from cryptocurrency ventures, drawing concerns from transparency and ethics advocates.

With the Democratic majority now in control of both chambers of Congress following the recent midterm elections, Trump's crypto empire could face significant accountability. Crypto ventures tied to the president, including World Liberty Financial and the cryptocurrencies $MELANIA and $TRUMP, have experienced sharp declines in value following the elections.

The crypto industry spent approximately $170 million to support Republican candidates in the midterms, but ultimately suffered a significant loss. Industry lobbyists expressed disappointment, stating that the Democratic Party is set to face harsh criticism for its handling of crypto. Senator Elizabeth Warren (D-MA), known for her accusations of Trump's corruption related to one of his crypto businesses, is preparing to lead investigations.

Her Senate Banking Committee will likely scrutinize Big Tech CEOs, Administration officials, Trump family crypto businesses, Wall Street executives, and major corporations.

Meanwhile, banks are preparing to assist in ongoing probes into Trump's crypto ties and corporate donors could be the next targets. Senator Richard Blumenthal (D-CT) has already sent warning letters to several crypto companies, demanding that they produce documents by January 4, 2027, or risk facing alternative measures for non-compliance. Congressman Robert Garcia (D-CA) urged crypto investors to "lawyer up" in light of the midterm elections.