U.S. Senator Richard Blumenthal (D-CT), Ranking Member of the U.S. Senate Permanent Subcommittee on Investigations, announced on May 6 that the subcommittee is initiating a preliminary inquiry into the TRUMP cryptocurrency and affiliated companies tied to President Donald Trump.
The investigation centers on Fight Fight Fight LLC—the entity behind the TRUMP token—and World Liberty Financial Inc. (WLFI), amid mounting allegations of conflicts of interest, foreign influence, and potential violations of federal law. In letters sent to key individuals involved in the ventures, Blumenthal requested detailed information about ownership structures, financial operations, insider trading protections, and any links to foreign entities. His letter to developer Bill Zanker of Fight Fight Fight LLC focused on a recent promotional effort that offered a private dinner with Trump to top token holders, a move that rapidly boosted the TRUMP token’s value. The senator claimed:
President Trump’s financial entanglements to the TRUMP coin, as well as the attempted use of the White House to host competitions to prop up the value of TRUMP, represents an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder.
He pointed out that Trump and affiliated companies control a vast majority of the token supply and have financially benefited from related transaction fees—an arrangement that may violate ethics standards and financial disclosure obligations.
In a separate letter to WLFI co-founder Zach Witkoff, Blumenthal expressed concern over a partnership with the Emirati state-owned MGX investment firm, suggesting it could breach the Constitution’s foreign emoluments clause. Highlighting broader concerns over the use of presidential influence for financial gain, Blumenthal wrote:
President Trump has used the federal government to enrich cryptocurrency firms through the creation of a Strategic Bitcoin Reserve and United States Digital Asset Stockpile, and used the White House to promote cryptocurrencies (including inviting you to the first ‘crypto summit’).
The subcommittee is requesting records of communications with the Trump Organization, the Executive Office of the President, and foreign governments, as well as documentation of internal compliance policies regarding insider trading and foreign investment.
Despite the scrutiny, cryptocurrency companies have praised Trump’s pro-crypto stance, citing his support for digital asset adoption and resistance to overregulation. Industry executives argue that under Trump, crypto innovation thrived, contrasting sharply with President Joe Biden’s administration, which focused on aggressive enforcement actions rather than constructive engagement. This divergence in policy has amplified political divides in the sector.
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