Democratic Senator Richard Blumenthal has launched an investigation into President Donald Trump's ventures in the cryptocurrency space, alleging possible violations of federal laws. Blumenthal expressed concerns that the launch of the Trump meme coin represents an unethical pay-to-play scheme, allowing anyone—including foreign entities—to profit from their connection to the presidency. The investigation will scrutinize the Official Trump meme coin, along with other digital assets linked to Trump, including the decentralized finance project World Liberty Financial. Following its initial surge, the TRUMP token has seen a significant decrease in value, raising ethical questions about Trump's financial interests. Critics, including Democratic lawmakers, claim that these ventures may corrupt the political landscape by prioritizing financial gain over governance. Blumenthal's inquiry comes after reports that Trump and his family have profited significantly from these crypto promotions, amounting to around $390 million.

Source 🔗