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House Democrats Allege Trump Administration Is ‘World’s Most Corrupt Crypto Startup Operation’ – Report
Democratic lawmakers from the US House of Representatives have accused President Donald Trump and his administration of using the White House to enrich the presidential family through their crypto businesses, calling on Congress to fight corruption.
House Democrats Call Out ‘New Age of Corruption’
In a recent report from the House Judiciary Committee, Democratic Representative Jamie Raskin claimed that President Trump had allegedly “exploited” the presidency and transformed the White House into “a personal money-making operation” that has added billions of dollars to his net worth through his crypto ventures.
The 27-page document, named “Trump, Crypto, and a New Age of Corruption,” compiled multiple news media outlet reports affirming that the US President has seen his family’s crypto holdings surge to $11.6 billion since he stepped into office in January, making over $800 million from the sale of digital assets in the first half of 2025.
As reported by Bitcoinist, a Financial Times investigation released in October claimed that the Trump family’s crypto fortune has surged to over $1 billion from his multiple digital asset ventures since his return to the White House.
The investigation explained that Trump’s digital asset businesses have significantly boosted the US President’s net worth on paper by billions of dollars, but only calculated the potential income from the realized profits of World Liberty Financial’s WLFI token and USD1 stablecoin, and the official TRUMP and MELANIA memecoins.
According to FT calculations, the TRUMP and MELANIA memecoins made around $362 million and $65 million, respectively, for a total of $427 million in sales and trading fees. Moreover, the WLFI token had generated approximately $550 million by the time of the investigation, while the USD1 stablecoin, which recorded $2.71 billion in total sales, potentially $42 million.
“Donald Trump has turned the Oval Office into the world’s most corrupt crypto startup operation, minting staggering personal fortunes for him and his family in less than a year.” Representative Raskin affirmed in a Press Release.
“We don’t know where all the money is coming from yet, but America has never seen corruption on this scale take place inside the White House. This Report shows how Trump’s so-called ‘pro-crypto agenda’ is just one more Trump family self-enrichment plan, built on pay-to-play deals and corrupt foreign interests seeking secret channels of access and influence,” he continued.
Trump’s Crypto Ventures Expose ‘Weaknesses’ Of US System
Raskin also stated that the Trump administration has “dismantled” federal oversight and safeguards that were set to protect Americans from fraud, scams, and financial exploitation. “Trump has been pardoning criminals who commit fraud through crypto and dismantling the regulations that protect legitimate American investors.”
The report presented a list of actions that advanced “Trump and his family’s personal financial interests at the expense of the law, ethics, and national security.” The evidence exposed in the document included claims that the President’s crypto ventures have “attracted substantial investments from foreign nationals and state-linked entities seeking to curry favor with the Administration.”
Last week, Democratic Senators expressed concerns about potential national security risks related to World Liberty Financial over token sales allegedly linked to illicit actors. In a letter, the lawmakers requested that Attorney General Pam Bondi and Treasury Secretary Scott Bessent investigate allegations that the Trump-backed company had sold tokens to sanctioned entities or individuals with ties to illicit actors in Russia and North Korea.
They also argued that World Liberty Financial and its token “lacks adequate safeguards to prevent bad actors from moving funds or gaining influence over its governance,” which raises concerns over a potential conflict of interest.
The Committee’s report highlighted that the Trump Administration has paused or ended most investigations and enforcement actions involving major crypto companies and disbanded multiple federal-level crypto enforcement units. In addition, it expressed concern about the controversial pardons issue to key industry players, like Binance’s co-founder, Changpeng Zhao.
Ultimately, the document warned that Trump’s crypto moves seemingly expose “severe weaknesses” in the US’s campaign finance, conflict-of-interest, and anti-bribery laws. “Congress must expose this dangerous grift, and defend the rule of law against the profiteers and criminals who would destroy it,” Raskin concluded.
