House Democrats plan investigations into the Trump family’s crypto businesses once they take control in January, Bitcoin Magazine reported. The first targets are World Liberty Financial, a $500 million investment by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser, and the pardon of Binance founder Changpeng Zhao.
Rep. Robert Garcia of California, who will chair the House Oversight Committee, answered the Associated Press call with the words “Lawyer up.” He told Punchbowl News the committee will examine the family’s crypto deals and Donald Trump Jr.’s business dealings. The main change from the past two years is subpoena power, which lets a majority compel documents and testimony without the president’s consent. Reuters reported in September that inquiries could begin as early as February.
World Liberty, launched in September 2024, is seeking a federal trust bank charter for its USD1 stablecoin, and the OCC granted conditional approval on August 14. The Wall Street Journal reported that Tahnoon’s group and a Trump-affiliated entity together control about 87% of the bank’s holding company. Zhao says he has no business ties to the Trump family.
The White House called the probes a “decade long witch hunt.” TD Cowen’s Jaret Seiberg wrote that the investigations “may make it impossible to advance a version of Clarity that the crypto sector could back.” The probes will not produce legislation, since Trump can veto and Democrats lack two-thirds majorities.
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