Democratic control of Congress has sent Trump family crypto tokens plunging to record lows as investigators prepare to scrutinize the ventures.
On Tuesday the governance token WLFI and the TRUMP token both hit new all-time lows, while shares of Trump Media & Technology and the mining firm American Bitcoin remain well under pre-election levels.
Senator Elizabeth Warren, who pledged an "anti-crypto army" during her re-election campaign, is expected to chair the Senate Banking Committee in January, giving her subpoena power over Trump-linked projects. Early signals include a likely probe of the Office of the Comptroller of the Currency's August decision to grant a preliminary charter to World Liberty Trust Company, which would back the USD1 stablecoin.
The Senate Permanent Subcommittee on Investigations, led by Senator Richard Blumenthal, has demanded documents from World Liberty Financial, the TRUMP memecoin operator, Binance, and Tether, setting a voluntary deadline of January 4 and warning of alternative enforcement if compliance is not met.
Representative Robert Garcia, slated to chair the House Oversight Committee, has signaled his panel will focus on Trump family corruption, naming World Liberty Financial as a top priority. The ventures have drawn scrutiny for alleged conflicts of interest, including a $500 million stake linked to the United Arab Emirates and a $2 billion investment in Binance using the stablecoin.
Analysts estimate the Trump family has profited at least $2.3 billion from these crypto projects, while retail investors have seen losses roughly equal to those gains. The crypto-friendly GENIUS Act became law, but broader market-structure legislation stalled in September, and the prospect of stricter Democratic-led oversight now dims hopes for a more industry-friendly agenda.