US Regulator Initiates Audit of Donald Trump’s Cryptocurrency Businesses

The US Senate has launched a preliminary investigation into cryptocurrency businesses associated with Donald Trump over possible ethical violations, conflicts of interest, and ties to foreign investors. The initiative was spearheaded by Democratic Senator Richard Blumenthal, who sent requests for financial information to the heads of Fight Fight Fight LLC and World Liberty Financial (WLFI), as well as to entities affiliated with the Trump brand.

The objects of the investigation include the release of the TRUMP meme coin, NFT initiatives, and the activities of companies that manage Trump’s intellectual property. The senator asks how the firms track foreign investments, how much profit they have made from crypto projects, and whether the individuals involved are under investigation or on the international wanted list.

The investigation has intensified amid reports of a potential $ 2 billion deal between Abu Dhabi’s MGX investment fund and Binance, which involves the USD1 stablecoin associated with WLFI and the Trump brand. At the TOKEN2049 conference in Dubai, the former president’s son Eric Trump publicly supported this stablecoin, saying that cryptocurrency will «wipe out the traditional financial system.»

Despite the high-profile nature of the case, Democrats have limited investigative tools, as they do not control a majority in the relevant Senate subcommittee. In response to the situation, Senator Chris Murphy proposed the MEME bill, which would prohibit the president and members of Congress from issuing or promoting memo-codes. Lawmakers have also sent inquiries to the SEC about Trump’s role in WLFI and withdrawn support for several draft laws on stablecoins that they believe are related to the interests of the current president.

As a reminder, this month, US President Donald Trump plans to hold two separate events for representatives of the cryptocurrency community. The first one is a closed «dinner of innovators in the field of cryptocurrencies and artificial intelligence» that took place on May 5. The cost of participation in the event was $ 1.5 million per person. Among the guests was Trump’s advisor on AI and crypto assets David Sachs, and the event was organized by MAGA Inc.