Democratic lawmakers from the US House of Representatives have accused President Donald Trump and his administration of using the White House to enrich the presidential family through their crypto businesses, and have called on Congress to fight corruption.
Democrats in the House of Representatives declare ‘a new era of corruption’
In a recent House Judiciary Committee report, Democratic Representative Jamie Raskin says claimed that President Trump has allegedly “exploited” the presidency and transformed the White House into “a personal money-making operation” that has added billions of dollars to his net worth through his crypto ventures.
The 27-page document, called “Trump, Crypto, and a New Age of Corruption,” included multiple news media reports confirming that the US president has seen his family’s crypto holdings rise to $11.6 billion since taking office in January, earning more than $800 million from digital asset sales in the first half of 2025.
As Bitcoinist reported, a Financial Times investigation released in October claimed that the Trump family’s crypto fortune has soared to more than $1 billion since his return to the White House thanks to his many digital asset projects.
The investigation explained that Trump’s digital asset activities have significantly increased the US president’s net worth on paper by billions of dollars, but only calculated potential income from realized profits from World Liberty Financial’s WLFI token and USD1 stablecoin, and the official TRUMP and MELANIA memecoins.
According to FT calculations, the memecoins TRUMP and MELANIA raised approximately $362 million and $65 million respectively, for a total of $427 million in sales and trading fees. Moreover, at the time of the survey, the WLFI token had generated approximately $550 million, while the USD1 stablecoin, which recorded total revenue of $2.71 billion, was potentially $42 million.
“Donald Trump has turned the Oval Office into the world’s most corrupt crypto startup operation, making him and his family staggering personal fortunes in less than a year.” Representative Raskin confirmed this in a press release.
“We don’t yet know where all the money is coming from, but America has never seen corruption on this scale within the White House. This report shows how Trump’s so-called ‘pro-crypto agenda’ is just another Trump family self-enrichment scheme built on pay-to-play deals and corrupt foreign interests seeking secret channels of access and influence,” he continued.
Trump’s Crypto Ventures Expose ‘Weaknesses’ of the US System
Raskin also stated that the Trump administration has “dismantled” federal oversight and safeguards designed to protect Americans from fraud, scams and financial exploitation. “Trump has pardoned criminals who commit cryptocurrency fraud and dismantled regulations that protect legitimate American investors.”
The report presented a list of actions that “advanced the personal financial interests of Trump and his family at the expense of the law, ethics and national security.” The evidence revealed in the document included claims that the president’s crypto ventures have “attracted substantial investments from foreigners and state-linked entities seeking to curry favor with the government.”
Last week, Democratic senators raised concerns about potential national security risks associated with World Liberty Financial over token sales allegedly linked to illegal actors. In a letter, the lawmakers asked Attorney General Pam Bondi and Treasury Secretary Scott Bessent to investigate allegations that the Trump-backed company sold tokens to sanctioned entities or individuals linked to illicit actors in Russia and North Korea.
They also argued that World Liberty Financial and its token “lack sufficient safeguards to prevent bad actors from moving funds or gaining influence over its governance,” raising concerns about a potential conflict of interest.
The committee’s report highlights that the Trump administration has paused or terminated most investigations and enforcement actions involving major crypto companies and disbanded multiple crypto enforcement units at the federal level. Additionally, it expressed concern over the controversial pardon issue to key industry players such as Binance co-founder Changpeng Zhao.
Ultimately, the document warned that Trump’s crypto moves seemingly expose “serious weaknesses” in US campaign finance, conflicts of interest and anti-bribery laws. “Congress must expose this dangerous situation and defend the rule of law against the profiteers and criminals who want to destroy it,” Raskin concluded.
WLFI trades at $0.164 on the one-week chart. Source: WLFIUSDT on TradingView
Featured image from Unsplash.com, chart from TradingView.com
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