Democrats Question Trump’s Crypto Ventures Amid Ethics Concerns

Senate Democrats Question Trump's Crypto Involvement

Senate Democrats, led by Senator Adam Schiff, have raised concerns about President Donald Trump’s involvement in the cryptocurrency sector.
A letter was sent to Steve Witkoff, Trump’s special envoy to the Middle East, questioning his crypto holdings and ties to ventures linked to Trump.
The senators highlighted possible violations of federal ethics laws due to Witkoff's ownership in World Liberty Financial (WLFI) and other crypto firms.
Witkoff’s financial interests may conflict with his diplomatic role, as WLFI has business connections with the United Arab Emirates.

The $2 Billion UAE Connection

Witkoff's ethics disclosure indicates continued ownership in WLFI, despite claims of divestment.
Concerns were raised about a $2 billion investment by Emirati firm MGX into Binance using WLFI's stablecoin USD1, coinciding with a US-UAE AI partnership.
The timing suggests potential conflicts between Witkoff’s diplomatic duties and private interests.
Questions were posed about any ethics waivers received by Witkoff that might benefit WLFI, warning that perceived conflicts could erode public trust.

Trump-linked crypto ventures reportedly earned over $1 billion in profits last year.
World Liberty Financial generated significant revenue through token sales, including USD1 and WLFI, contributing to Trump's $57.3 million income from the company.
Trump has advocated for pro-crypto policies, replacing regulators with crypto-friendly figures and easing enforcement actions.
Critics argue these actions have enhanced Trump's wealth and blurred lines between public service and private business.

Trump’s crypto ventures’ total income. | Source: Financial Times