Senator Richard Blumenthal, a leading Democrat on the Senate Permanent Subcommittee on Investigations, is scrutinizing former President Donald Trump’s cryptocurrency ventures for potential connections to corruption and conflicts of interest. In a recent development, Blumenthal sent letters to executives from Trump-affiliated companies, specifically querying the ownership and investment structures associated with their operations in the crypto space.
The inquiries specifically concern entities like Fight Fight Fight LLC, which oversees the TRUMP memecoin; CIC Digital LLC, linked to Trump’s NFTs; Celebration Cards LLC; and DTTM Operations LLC, which manages Trump’s intellectual property rights. Blumenthal’s letters explicitly mention that these businesses could be violating government ethics requirements and may involve financial dealings with foreign governments or entities that could compromise the integrity of the office of the Presidency.
In his communication, Blumenthal demanded detailed responses to questions about how these companies are monitoring investments from foreign interests, the revenue generated from their ventures, and whether individuals under investigation can invest in these businesses. He has also requested documentation related to their financial activities.
Blumenthal currently lacks subpoena power due to the Democratic minority status in the Senate, which means significant action would require cooperation from Republican Senators. Recent activities among Democrats indicate a growing concern regarding Trump’s crypto engagements, particularly in light of Eric Trump’s announcement that a foreign investment firm is utilizing Trump-associated stablecoins for substantial investment transactions.
Simultaneously, other Democratic lawmakers have acted against Trump’s crypto connections—Rep. Maxine Waters has hosted a different hearing on potential oversight of these crypto businesses, and new legislative proposals have emerged aimed at preventing public officials from engaging in crypto ventures such as memecoins. These moves signal a broader effort among Democrats to address potential ethical concerns stemming from Trump’s ventures in the digital asset sphere.
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