Senate Democrats Demand Crypto Probe as Trump's Billions Spark Security Fears

Top Senate Democrats have expressed concern over President Trump's cryptocurrency-related income, calling for investigations into its national security ramifications. The administration released Trump's financial disclosures last week, revealing he made about $594 million from World Liberty Financial and another $635 million in connection with his meme coin. Senators Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Gary Peters (D-Mich.), Dick Durbin (D-Ill.) and Ron Wyden (D-Ore.) pointed to this income, as well as unspecified 'third parties' that own 25 percent of World Liberty Financial, as a source of concern.

The senators stated that the disclosures raise concerns about President Trump pushing Congress to pass crypto legislation in favor of the industry he's invested in. They also pointed out the administration's moves to exempt cryptocurrencies and service providers from existing financial services regulations, as well as its steps to weaken enforcement by disbanding the Department of Justice's National Cryptocurrency Enforcement Team.

The senators called on their respective committees to hold hearings to investigate the national security implications of President Trump's cryptocurrency holdings. They also expressed concern about the UAE's involvement with World Liberty Financial, which has previously faced scrutiny.