OFFICIAL TRUMP (TRUMP)
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Trump's Crypto Ties Come Under Fire From House Democrats: 'The Most Corrupt Crypto Startup Operation' - Trump Media & Tech Gr (NASDAQ:DJT)
Benzinga· 2025-11-28 16:56
Core Points - House Democrats accuse Trump Media & Technology Group Corp. of leveraging the White House for an estimated $800 million in cryptocurrency profits by 2025 [1] - The report claims President Trump has doubled his net worth since launching his 2024 campaign through cryptocurrency ventures, generating $800 million from token sales in the first half of 2025 and holding approximately $11 billion in digital assets and equities [2] - The report highlights concerns over foreign influence in these ventures, citing connections to overseas investors and controversial figures in the cryptocurrency industry [3][4] Foreign Influence and Regulatory Concerns - The report alleges that foreign investors, including notable cryptocurrency figures, used token purchases to gain influence within the Trump administration, raising regulatory concerns [4] - Specific mention is made of Justin Sun, whose involvement has drawn scrutiny, and the report inaccurately describes Tron as a crypto exchange rather than a blockchain network [4] Policy Decisions and Investigations - The report claims that favorable policy decisions were made for major digital asset companies, including pardons for figures associated with BitMEX and Binance, and that federal investigations into several cryptocurrency firms were either halted or deprioritized [5] - It is asserted that the Trump administration dissolved the DOJ's cryptocurrency enforcement team and repealed an executive order aimed at responsible digital asset development, which weakened investor protections [6] Ethical Concerns - Representative Raskin characterized the situation as "the world's most corrupt crypto startup operation," emphasizing concerns about pay-to-play dynamics and the erosion of federal ethics standards [7] - Lawmakers have requested suspicious activity reports related to Trump-linked tokens to assess potential conflicts of interest and compliance issues, with advocacy groups echoing these concerns [8][9]