The U.S. Senate Permanent Subcommittee on Investigations (PSI) has announced that they will be conducting a preliminary inquiry into President Donald Trump’s cryptocurrency ventures. Senator Richard Blumenthal, the Ranking Member of the PSI, made this announcement in a press release on May 6.
In a letter addressed to Fight Fight Fight LLC, the organization behind the $TRUMP meme coin, Blumenthal expressed concerns about Trump’s involvement in the cryptocurrency and the exclusive gala dinner planned for top investors later this month. The senator criticized the President for potentially using the White House to promote the $TRUMP coin and accused him of engaging in a pay-to-play scheme.
Blumenthal stated, “President Trump’s financial ties to the $TRUMP coin and the use of the White House for events to boost its value raise serious ethical concerns. This brazen corruption puts a for-sale sign in front of the White House and must be thoroughly investigated.”
Critics of the $TRUMP coin have raised alarms about the potential for foreign entities to influence the President through investments in the cryptocurrency. Blumenthal highlighted the risks of allowing anyone, including foreign governments, to enrich the President through the pseudonymous nature of blockchain transactions.
The senator also mentioned that he would be seeking answers from Zach Witkoff, the co-founder of World Liberty Financial, a company affiliated with Trump. Blumenthal expressed concerns about potential violations of the law and the use of government power to benefit the cryptocurrency industry.
Recently, World Liberty Financial announced a partnership with Abu Dhabi-based investment firm MGX and crypto exchange Binance to use their stablecoin, USD1, for settlements. This move sparked outrage among Democratic lawmakers, including Senators Elizabeth Warren and Adam Schiff, who called for an urgent inquiry into Trump’s connections to the crypto sector.
Warren and Schiff emphasized the importance of ensuring that access to the presidency is not being sold to the highest bidder for the President’s personal gain. They urged the U.S. Office of Government Ethics to thoroughly investigate Trump’s involvement in the cryptocurrency industry.
The PSI’s inquiry into Trump’s crypto ventures raises questions about the potential influence of foreign money on Oval Office access. As the investigation unfolds, the American public awaits answers about the ethical implications of the President’s involvement in the cryptocurrency sector.