Federal Reserve Bank Probed Over Crypto Ties, Trump Family's Billion-Dollar Earnings Scrutinized

Two high-profile investigations are underway, led by Senators Elizabeth Warren and Maxine Waters, into the financial dealings of several cryptocurrency companies.

The Kansas City Federal Reserve Bank has come under scrutiny for granting Kraken access to a limited-purpose master account. Senator Maxine Waters, ranking Democrat on the House Financial Services Committee, is leading an investigation into this decision.

Waters' inquiry focuses on whether the Fed's approval of Kraken's account was in line with federal regulations and if it provides undue access to payment systems. The senator has given the Kansas City Fed until April 10 to respond to her questions.

Meanwhile, Senator Elizabeth Warren is probing ties between Bitmain, a prominent cryptocurrency company, and President Trump's family. Warren has requested documents from the Commerce Department regarding communications between Bitmain and Trump family members or officials.

The investigations follow Eric Trump's claim that his family's crypto projects have generated over $1 billion in revenue. This includes a memecoin, NFT collections, and a crypto platform called World Liberty Financial.