Democrats call Trump's White House the world’s most corrupt crypto startup

Democrats on the House Judiciary Committee released a report recently accusing President Donald Trump and his family of using the presidency to build wealth through the support of policies that favor their interests. According to the report, the first family allegedly earned over $800 million in crypto sales during the first half of 2025.   

Ranking Member Jamie Raskin (D-MD) issued the 100-plus page report detailing claims that the Trump family accumulated roughly $11.6 billion through crypto and stock-related holdings.

According to the report, two crypto ventures, including World Liberty Financial (WLFI) and the TRUMP memecoin, are central to the allegations. Democrats allege that these ventures were used to collect investments from foreign nations, including a notable crypto entrepreneur, Justin Sun, and other corporate entities that sought influence with the administration. 

WLFI and TRUMP memecoin stand central to Democrats’ allegations

Democrats on the House Judiciary Committee revealed through the report that most of the investors involved with WLFI and TRUMP memecoin were notable political donors, which led to access and favors from top officials in the Trump administration.

The report argued that such financial dealings were followed by favorable regulatory changes, the termination of some federal investigations, and executive orders that benefited crypto firms and the Trump family’s own businesses. 

Coinbase, Gemini, Ripple, Crypto.com, Unicorn-chain, and Kraken are among the entities mentioned in the report as allegedly having been exempted from investigations or de-escalated.  The pardoning of Binance’s founder and former CEO, Changpeng Zhao (CZ), was also noted in the report, which noted that the Trump administration dismantled key oversight mechanisms. 

According to the report, the dissolution of the Department of Justice’s National Cryptocurrency Enforcement Team in April removed critical protections for retail investors and oversight of crypto-related corporate activities.

The report linked the developments across the Trump administration to a shift in federal crypto policies, such as the GENIUS Act, which was signed into law in July. The GENIUS Act is not directly tied to the Trump family; however, Democrats argued that it is part of a pro-crypto policy environment that coincided with the expansion of the family’s holdings under Trump.

Congressional Democrats wrote a letter to Scott Bessent, the Treasury Secretary, requesting access to suspicious activity reports (SARs) and other financial intelligence data related to WLFI and the TRUMP memecoin. Democrats wanted to trace whether funds invested in the two ventures originated from foreign governments, state-linked entities, or politically motivated donors. 

Raskin calls the White House the world’s most corrupt crypto startup 

Ranking Member Jamie Raskin wrote a statement accompanying the report by the Democrats on the House Judiciary Committee, saying that the findings suggest the Oval Office has been converted into the world’s most corrupt crypto startup operation.

Raskin alleged that foreign influence, pay-to-play deals, and the shutdown of the Department of Justice’s National Cryptocurrency Enforcement Team have benefited the Trump family at the expense of transparency and public trust.

The White House has denied allegations regarding a conflict of interest through Press Secretary Karoline Leavitt. She stated that the Trump administration’s crypto policies are aimed at supporting innovation and creating economic opportunities for all Americans.

According to the administration’s response, the Democrats’ allegations are politically motivated. The administration believes that Trump and his family have not engaged in any wrongdoing.

So far, the Republican leadership hasn’t revealed any plans to respond to the report or formally launch hearings. Furthermore, no independent probe has been initiated in response to the report. The allegations have arisen at a crucial moment, when Congress is negotiating legislation that could shape the future of cryptocurrency in the U.S.  

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