House Democrats Ask Treasury to Investigate Trump Family Crypto Company World Liberty Financial

House Democrats are asking the Treasury Department to look into World Liberty Financial, a cryptocurrency company connected to the Trump family. This is due to worries about conflicts of interest and national security risks.
By Newsroom | Politics, Finance |

Dozens of House Democrats are calling on the Treasury Department to investigate World Liberty Financial, a cryptocurrency company linked to the Trump family. This action follows concerns raised about potential conflicts of interest, national security risks, and the use of political influence for personal financial gain. The Democrats' demand centers on the company's dealings, investments from foreign entities, and its association with members of the Trump family, including presidential sons Donald Jr. and Eric Trump.

House Democrats call for Treasury probe into Trump family <b>crypto</b> venture - CNBC - 1

Background and Key Players

In recent months, House Democrats have intensified their scrutiny of the Trump family's involvement in the cryptocurrency sector.

House Democrats call for Treasury probe into Trump family <b>crypto</b> venture - CNBC - 2

  • World Liberty Financial (WLF): This cryptocurrency venture is prominently associated with the Trump family. Reports indicate that family members, including Donald Trump Jr. and Eric Trump, have been involved in promoting the company and its products, such as a stablecoin.

  • House Democrats: A group of lawmakers, including members of the House Judiciary Committee and other committees, have spearheaded these calls for investigation. Key figures cited in the reports include Jamie Raskin, Gerald Connolly, and Joe Morelle. Senators Elizabeth Warren and Jack Reed have also expressed concerns.

  • Treasury Department: Officials such as Treasury Secretary Scott Bessent are the recipients of these demands for investigation. The Treasury's role is central to examining financial activities and potential security implications.

  • Donald Trump Jr. and Eric Trump: These individuals, sons of former President Donald Trump, have been publicly associated with promoting World Liberty Financial and its initiatives, including events held at Mar-a-Lago.

Events and Allegations

The investigation demands stem from a series of reported activities and alleged improprieties:

House Democrats call for Treasury probe into Trump family <b>crypto</b> venture - CNBC - 3

  • Mar-a-Lago Forum: World Liberty Financial reportedly held a forum at Mar-a-Lago where Donald Trump Jr. and Eric Trump promoted the company's stablecoin and criticized traditional banking.

  • Foreign Investments and National Security: Democrats have raised alarms about WLF's alleged connections to foreign governments and individuals. A specific concern involves a reported $500 million deal linked to the Emirati royal family. This has led to questions about whether foreign entities could use the banking charter process to gain leverage over the U.S. financial system or access sensitive infrastructure.

  • Links to Illicit Actors: Senators Elizabeth Warren and Jack Reed have urged probes into WLF over alleged ties to sanctioned actors in North Korea and Russia. Reports suggest that WLF's token sales may have involved "highly suspicious entities," including those with blockchain ties to a North Korean hacking organization, a Russian sanctions evasion tool, an Iranian crypto exchange, and Tornado Cash, a platform known for money laundering.

  • Self-Dealing and Financial Gain: A report from House Democrats alleged that President Trump and his family transformed the presidency into a "personal money-making operation" through cryptocurrency schemes, accumulating billions. This report suggests that crypto policies were shaped to benefit the Trump family's financial interests at the expense of law and ethics.

  • Pardons and Sanctions: It is alleged that the Trump administration issued pardons and rolled back sanctions for individuals and entities that provided financial support to Trump family ventures.

Democratic Calls for Investigation

House Democrats have formally requested action from the Treasury Department and other relevant bodies:

  • Treasury Probe: Dozens of House Democrats have written to Treasury Secretary Scott Bessent demanding an investigation into World Liberty Financial for potential conflicts of interest and national security concerns.

  • OCC Involvement: During a hearing, Representative Meeks asked Secretary Bessent to commit to pausing any pending applications from WLF before the Office of the Comptroller of the Currency (OCC) and to complete an investigation. Bessent stated that the OCC is an independent entity.

  • Suspicious Activity Reports (SARs): Top House Democrats, including Gerald Connolly, Joe Morelle, and Jamie Raskin, have demanded that the Treasury release all Suspicious Activity Reports tied to Donald Trump's crypto ventures, citing concerns about fraud, bribery, and predatory fundraising.

  • Focus on Transparency and Regulation: Lawmakers have stressed the need to determine if new legislation is required to protect voters and ensure transparency in campaign fundraising, particularly given the risks posed by foreign-backed digital asset ventures to election integrity.

World Liberty Financial's Response

World Liberty Financial has issued statements denying any wrongdoing:

  • No Conflict of Interest: A spokesperson for WLF stated that the company is a private entity with no political power and that there is no conflict of interest with the U.S. government.

  • Rigorous Compliance: The company asserts that it conducted "rigorous AML/KYC checks" on all pre-sale purchasers of its $WLFI governance token, adhering to high industry standards and rejecting millions from unqualified buyers.

Ownership and Financial Ties

Information regarding WLF's ownership structure has been highlighted:

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  • Family Involvement: The company's website lists Eric Trump, Donald Trump Jr., and Barron Trump as co-founders, with Donald Trump listed as "Co-Founder Emeritus."

  • Revenue Share: A Trump-affiliated entity, DT Marks DEFI LLC, holds a significant amount of WLFI tokens, valued at over $3 billion, and is reportedly entitled to 75% of revenue from token sales. This structure has led to concerns that a large portion of the proceeds flows directly to the Trump family.

Expert Analysis

"The Trump family's $500 million deal connected to the Emirati royal family is not only a matter of national financial instability, but it also carries serious national security implications." - Statement accompanying Democratic letter

"This is no longer just a debate about crypto chartering theory. The Trump family's crypto ventures have attracted substantial investments from foreign nationals and state-linked entities seeking to curry favor with the Administration—raising severe constitutional, ethical, and national security concerns." - Jamie Raskin, Ranking Member, House Judiciary Committee

"Trust that the record will reflect whether Secretary Bessent chooses to answer to the American people, or his mob boss." - Quote from Democrats' letter to Treasury Secretary Bessent

Conclusion and Implications

House Democrats have formally requested a Treasury Department investigation into World Liberty Financial, citing significant concerns. These concerns encompass potential conflicts of interest arising from the Trump family's financial ties to the company, national security risks stemming from alleged links to foreign governments and illicit actors, and the broader implications of political influence on financial markets. While World Liberty Financial denies any wrongdoing and emphasizes its compliance measures, the documented requests from multiple congressional committees and senators underscore a sustained push for transparency and accountability regarding the intersection of cryptocurrency, political figures, and international finance. The Treasury Department's response and any subsequent actions will be critical in addressing these allegations and determining the need for further legislative or regulatory oversight.

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Frequently Asked Questions

Q: Why are House Democrats asking the Treasury to investigate World Liberty Financial?
House Democrats want the Treasury to investigate World Liberty Financial because they are concerned about potential conflicts of interest, national security risks, and the use of political influence for personal financial gain linked to the Trump family.
Q: What are the specific concerns House Democrats have about World Liberty Financial?
Democrats are worried about the company's dealings, investments from foreign entities, and its association with members of the Trump family. They have also raised alarms about alleged ties to sanctioned actors in North Korea and Russia.
Q: What is the Trump family's connection to World Liberty Financial?
Donald Trump Jr. and Eric Trump are listed as co-founders, and their father, Donald Trump, is listed as 'Co-Founder Emeritus'. A Trump-affiliated entity, DT Marks DEFI LLC, reportedly receives 75% of revenue from token sales.
Q: What has World Liberty Financial said about these accusations?
A spokesperson for World Liberty Financial has stated that the company is private, has no political power, and denies any conflict of interest. They also claim to have conducted rigorous checks on buyers and rejected unqualified ones.
Q: What actions have House Democrats taken so far?
Dozens of House Democrats have written to Treasury Secretary Scott Bessent demanding an investigation. They have also asked for the release of all Suspicious Activity Reports tied to Donald Trump's crypto ventures.