House Democrats plan to investigate President Donald Trump’s family crypto businesses when they take control of the House in January. World Liberty Financial, its Emirati investor and Trump’s pardon of Binance founder Changpeng Zhao are expected to be among the main targets, according to the report.
Rep. Robert Garcia, who is set to chair the House Oversight Committee, told the Associated Press “Lawyer up.” He told Punchbowl News that the committee would examine the family’s crypto deals, Donald Trump Jr.’s business activities and relatives’ board positions and contracts.
A Democratic majority would give the committee subpoena power to compel documents and testimony from the administration and private companies. Democrats have previously sent letters, sought Treasury investigations and held hearings, but those efforts did not carry the same legal authority.
World Liberty Financial, a decentralized finance and stablecoin venture launched by the Trump family in September 2024, is expected to be an early focus. Democrats have drawn attention to a reported $500 million investment by a company linked to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser. The investment reportedly gave the vehicle a 49% stake shortly before Trump’s January 2025 inauguration.
The venture 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 approval still pending. The Wall Street Journal reported that Tahnoon’s group and a Trump-affiliated entity together control about 87% of the bank holding company.
In February, House Democrats asked Treasury Secretary Scott Bessent to investigate the deal and requested suspicious activity reports related to the family’s ventures. The requests were not legally binding. Senate Democrats have also opened an inquiry into the TRUMP token and World Liberty Financial.
Another potential focus is Trump’s October 2025 pardon of Zhao. The article says Zhao’s exchange helped launch USD1 and was hacked for $6.34 billion last week. Zhao has said he has no business ties to the Trump family and did not discuss clemency with them.
The investigations would not themselves produce legislation. Trump has said he could become “Mr. Veto,” while Democrats do not have the two-thirds majority needed to override a veto in either chamber. The White House dismissed the plans, with spokeswoman Lauren Bis calling them a “decade long witch hunt.”
Democrats expect the administration to invoke executive privilege and delay responses, and are considering subpoenas to private entities connected to the family. TD Cowen analyst Jaret Seiberg said the probes could complicate efforts to advance crypto legislation that the industry would support.
Sources: Bitcoin Magazine.