House Democrats plan to open investigations into President Donald Trump's family crypto businesses once they take control in January. World Liberty Financial, its Emirati investor and the pardon of Binance founder Changpeng Zhao top the list. The majority gives them subpoena power, but the probes are not expected to produce legislation.
House Democrats plan to open investigations into Trump's family crypto businesses once they take control in January. World Liberty Financial, its Emirati investor and the pardon of Binance founder Changpeng Zhao are at the top of the list.
Rep. Robert Garcia of California, who will chair the House Oversight Committee, answered the Associated Press call at 3:18 a.m. with a two-word statement: "Lawyer up." Separately, Jamie Raskin, who is expected to lead the House Judiciary Committee, has signaled plans to investigate alleged self dealing involving Trump's crypto businesses, according to Crypto Briefing, which cited a Financial Times report.
Subpoena power changes the picture
Democrats have so far written letters, requested Treasury probes and held shadow hearings. The majority, however, lets them compel documents and testimony from the administration and from private companies without the president's consent.
World Liberty Financial, the DeFi and stablecoin venture the Trump family launched in September 2024, is expected to come first. Democrats have focused on a $500 million investment by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE national security adviser, whose vehicle took a reported 49% stake shortly before the January 2025 inauguration.
The stake matters because World Liberty is seeking a federal trust bank charter for its USD1 stablecoin. The Office of the Comptroller of the Currency granted conditional approval on Aug. 14, with final sign-off pending.
Limits of the probes
The second target is the October 2025 pardon of Zhao, whose exchange helped launch USD1. Zhao has said he has no business ties to the Trump family and did not discuss clemency with them.
The investigations will not produce legislation, according to Bitcoin Magazine. Trump has said he could veto legislation, and Democrats lack the two-thirds majority in either chamber to override him. Democrats also expect the administration to invoke executive privilege, so they plan to subpoena private entities tied to the family instead.
The damage for crypto is political rather than statutory. TD Cowen's Jaret Seiberg wrote Wednesday that the investigations may leave the crypto sector unable to back any version of the Clarity bill that could advance.
Sources: Bitcoin Magazine, Crypto Briefing
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