Crypto industry faces Democratic probes over Trump family ties

Democrats have put the crypto industry’s financial ties to President Donald Trump and his family at the center of their planned congressional investigations after winning control of both chambers in the U.S. midterm elections. Summary Democrats plan to scrutinize financial relationships between crypto businesses and the Trump family. Elizabeth Warren is expected to lead Senate Banking, with Robert Garcia heading House Oversight. World Liberty Financial, USD1 and the TRUMP memecoin have already drawn Democratic inquiries. The industry faces renewed oversight as its market structure legislation remains unfinished. According to Bloomberg Government’s Nov. 4 report, investigations into Trump-linked business arrangements are expected to absorb much of the industry’s lobbying work in the next Congress, while its legislative agenda faces a tougher reception. The report identifies incoming Senate Banking Committee chair Elizabeth Warren as a leading figure in that effort. Warren has repeatedly sought investigations into World Liberty Financial, the Trump family’s crypto venture, including its token sales, foreign relationships and potential exposure to illicit finance. Crypto probes would ...