Senate Democrats are demanding answers about President Trump’s crypto business ties amid reports stating that his companies made $1 billion from crypto.
By Parth Dubey
Editor Hamza Tariq
Updated
3 mins read
Senate Democrats are pressing for answers about President Donald Trump’s growing involvement in the cryptocurrency sector.
They sent a letter to Steve Witkoff, Trump’s special envoy to the Middle East, demanding details about his personal crypto holdings and his ties to Trump-linked ventures.
Led by Senator Adam Schiff, eight Democrats signed the letter. They said Witkoff’s continued ownership in World Liberty Financial (WLFI) and other crypto firms could violate federal ethics laws.
The senators said his position as a top diplomat in the Middle East may conflict with his financial interests, especially since WLFI has business ties to the United Arab Emirates.
“So long as you maintain an ownership stake or any personal financial interest in World Liberty Financial, you stand to benefit from any increase in the company’s value or profitability, including through sales or partnerships with foreign entities you are likely to engage with in your official capacity as Special Envoy,” read the letter.
Witkoff’s ethics disclosure dated August 13 shows that he still owns shares in WLFI, WC Digital Fi LLC, and SC Financial Technologies LLC. This comes months after he claimed he was “fully divesting” from the company. The senators asked him to respond by October 31.
Their letter raised concerns about a $2 billion investment made by an Emirati firm, MGX, into Binance using WLFI’s stablecoin USD1. The deal happened around the same time the US government struck an AI partnership with the UAE.
Democrats say the timing suggests a potential conflict between Witkoff’s diplomatic duties and his private business interests.
The letter also questioned whether Witkoff received any ethics waivers to take part in talks that may have benefited WLFI. They warned that even the appearance of a conflict could damage public trust.
A Financial Times report found that Trump-linked crypto ventures have earned over $1 billion in profits in the past year.
World Liberty Financial alone has sold billions in tokens, including USD1 and WLFI, generating hundreds of millions in revenue. Trump personally reported $57.3 million in income from the company.
Trump’s crypto ventures’ total income. | Source: Financial Times
Trump has also pushed pro-crypto policies since returning to office. He has replaced regulators with crypto-friendly figures, eased enforcement actions, and allowed Americans to invest retirement funds in crypto.
Critics say these moves have boosted the president’s own fortune and blurred the line between public service and private business.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
