The Senate Permanent Subcommittee on Investigations has launched a probe into the cryptocurrency activities related to former President Donald Trump to identify potential conflicts of interest.
Opening the Investigation
Senator Richard Blumenthal has sent letters to executives at several Trump-related companies, such as Fight Fight Fight LLC and World Liberty Financial. These letters contained inquiries about the ownership and investment structures of crypto assets, including the $TRUMP meme coin and NFTs.
Democrats' Response
Although Democrats lack subpoena power, they have expressed deep concerns regarding Trump's involvement in the crypto industry. In light of this, Democrats also held their own hearings focused on issues surrounding cryptocurrencies.
Trump's Expanding Crypto Ventures
Donald Trump, who previously criticized cryptocurrencies, is now actively engaged in this space. His financial involvement spans from selling NFTs to endorsing the $TRUMP meme coin, raising questions about transparency and possible foreign investor influence.
The investigation highlights increasing concerns about the potential influence of cryptocurrency ventures on U.S. politics and ethical standards.
