Senator Blumenthal Targets $TRUMP Memecoin – Political Influence for Sale via Crypto?
Washington sharpens its knives as another memecoin draws scrutiny—this time with a red-hatted twist. Senator Richard Blumenthal launches a probe into whether the $TRUMP token could be a backdoor for foreign interests to buy political access. Because nothing says ’democracy’ like anonymized blockchain donations.
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The subpoena-worthy question: Can a joke cryptocurrency become a Trojan horse? With meme assets now flirting with nine-figure market caps, regulators fear bad actors might exploit their unregulated chaos. The $TRUMP coin’s sudden liquidity spikes—and equally sudden ties to offshore wallets—have DC sweating through its dress shirts.
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Meanwhile, crypto traders shrug and keep gambling. After all, what’s riskier? A memecoin backed by zero fundamentals, or trusting career politicians to understand distributed ledgers? Place your bets—the house always wins.
Democratic Senators Seek $TRUMP Inquiry
According to a May 6 letter addressed to Fight Fight Fight LLC (one of the organizations behind the newly launched $TRUMP meme coin), Blumenthal scrutinized Trump’s namesake cryptocurrency and the proposed exclusive gala dinner later this month for its top investors.
With his cryptocurrency schemes, Trump is putting a for sale sign in front of the White House. That’s why, as Ranking Member of the Permanent Subcommittee on Investigations, I’m launching an inquiry into this brazen corruption whose scope & scale is staggering. pic.twitter.com/3SiaCrthN8
— Richard Blumenthal (@SenBlumenthal) May 6, 2025“President Trump’s financial entanglements to the $TRUMP coin, as well as the attempted use of the White House to host competitions to prop up the value of $TRUMP, represent an unprecedented, pay-to-play scheme to provide access to the Presidency to the highest bidder,” Blumenthal said.
In addition to potentially benefiting Trump, critics of $TRUMP allege that investors in the cryptocurrency may be able to buy favor with Trump, particularly regarding foreign interests.
“Chillingly, $TRUMP allows, and even invites, anyone in the world, including foreign governments and unscrupulous individuals, to directly enrich the President, while hiding potential payoffs in the pseudonymity of the blockchain,” he added.
Trump’s Crypto Connection Under A Magnifying Glass
Blumenthal claimed that he is also “seeking answers” from Zach Witkoff, co-founder of the Trump-affiliated World Liberty Financial, over how the President may be violating the law and using the immense power of the federal government to enrich the company, its foreign business partners, and others in the cryptocurrency industry.
Just last week, the recently launched crypto platform announced that its new stablecoin, USD1, will be used to settle a deal between Abu Dhabi-based investment firm MGX and crypto exchange Binance, prompting outrage from several Democratic lawmakers.
In an April 25 letter, Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) called on Jamieson Greer, the acting director of the U.S. Office of Government Ethics, to launch an “urgent inquiry” into Trump’s ties to the crypto sector.
“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” they said.
