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President Donald Trump is facing mounting criticism over his “shady” crypto ventures, with House Democrats planning a walkout from a key crypto hearing as backlash builds ahead of his TRUMP token gala.
Lawmakers argue Trump’s various ventures — including the TRUMP token, World Liberty Financial, and the USD1 stablecoin — pose potential conflicts of interest given his power to shape crypto regulation.
Senator Elizabeth Warren has led the charge, accusing Trump of using the presidency to advance his family’s crypto empire.
“The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates — a foreign government that will give them a crazy amount of money,” Warren said. “The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.”
The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates—a foreign government that will give them a crazy amount of money.
The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption. pic.twitter.com/4is9KgpXQb
— Elizabeth Warren (@SenWarren) May 4, 2025
Her warning comes as House Democrats prepare to walk out of today’s joint congressional hearing on crypto legislation, in protest of what they view as a corrupt entanglement between Trump’s business interests and U.S. policy.
The Trump family has several crypto ventures, including the decentralized finance (DeFi) platform World Liberty Financial, a dollar-backed stablecoin called USD1, as well as the Official Trump (TRUMP) and Official Melania Meme (MELANIA) tokens.
Controversy Around Trump’s Crypto Ventures Intensifies Ahead Of TRUMP Holders’ Gala Dinner
The controversy around Trump’s crypto ventures escalated after Trump announced a gala dinner for the top holders of his meme coin that will take place on May 22.
Toward the end of April, Warren called on government officials to address questions related to the TRUMP token and the President’s media company.
“President Trump’s announcement promises exclusive access to the presidency in exchange for significant investment in one of the President’s business ventures,” Warren wrote in a letter that was co-signed by California Democratic Senator Adam Schiff.
Senator Jon Ossoff also called for Trump’s impeachment during an April 25 town hall. “When the sitting President of the United States is selling access for what are effectively payments directly to him, there is no question that that rises to the level of an impeachable offense,” Ossoff argued.Trump Says He Is Not Profiting From Anything
Donald Trump Downplays Criticism of Crypto Ventures
On Sunday, the President sat down in an interview with NBC News reporter Kristen Welker. She questioned Trump about offering access to the US President to the largest holders of his TRUMP token.
Trump downplayed concerns, and said he has “no idea” what the token is worth, adding that the meme coin’s price “doesn’t mean anything.”
He defended his crypto ventures by saying they were launched “long before the election.” Trump then said he isn’t “profiting from anything.”
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