Democrats Urge Investigation into Trump Family Crypto Deal
Sens. Jeff Merkley (D-Ore.) and Elizabeth Warren (D-Mass.) have called on the Office of Government Ethics to investigate a recent deal announced by the Trump family’s cryptocurrency firm, World Liberty Financial, citing concerns over potential foreign influence and conflicts of interest.
The company, launched by former President Donald Trump and his sons, revealed that its new stablecoin would be used for a $2 billion transaction between Emirati firm MGX and crypto exchange Binance. Merkley and Warren argued that this deal could create a significant conflict of interest and potentially violate the Constitution.
“The Trumps and Witkoffs, in essence, are receiving a cut of the deal between an entity of a foreign government, MGX, and a private entity, Binance, with significant business before the U.S. government,” the senators wrote to Jamieson Greer, acting director of the Office of Government Ethics. Steve Witkoff, Trump’s special envoy to the Middle East, and his son Zach Witkoff, co-founder of World Liberty Financial, are implicated in the transaction.
The senators expressed concerns about both parties involved in the deal. Binance previously settled criminal charges with the Department of Justice (DOJ) and has sought a pardon for its convicted founder. MGX has close ties to the UAE government through its chairman, who serves as national security advisor and reportedly lobbied the Trump administration for lighter restrictions on advanced chip sales from U.S. companies.
“In short, a crypto firm whose founder needs a pardon and a foreign government spymaker coveting sensitive U.S. technology plan to pay the Trump and Witkoff families hundreds of millions of dollars,” Merkley and Warren wrote. The senators highlighted the potential for “grift” where the Trump Administration could offer favors to the UAE or Binance in exchange for large payouts.
The investigation request underscores growing Democratic scrutiny of Trump’s post-presidency business dealings, particularly in the cryptocurrency sector. World Liberty Financial’s stablecoin deal has raised red flags about potential foreign influence and conflicts of interest involving Trump’s family and their business associates.
