The Democratic Party of the United States is investigating Trump's cryptocurrency interests, extending to Binance and Tether
The Democratic investigators of the Permanent Subcommittee on Investigations of the U.S. Senate Committee on Homeland Security and Governmental Affairs released a report accusing USDT of becoming an important financial conduit for Iran's shadow banking system, and called for the Treasury Department and the Justice Department to investigate whether Tether violated sanctions and banking laws. The report mentioned Tether's relationship with the Trump administration, including business dealings between Tether and Cantor Fitzgerald, controlled by Commerce Secretary Howard Lutnick's family, as well as Bo Hines, the former head of the White House Cryptocurrency Committee, serving as Tether's head of U.S. operations.This report continues the Democratic investigation into the Trump family's cryptocurrency business. In May 2025, Richard Blumenthal launched an investigation into TRUMP, the token holders' dinner, and World Liberty Financial; in June, Elizabeth Warren and Jeff Merkley demanded explanations from MGX and Binance on why they used the Trump family-affiliated stablecoin USD1 to settle a $2 billion investment. In November, the Democratic members of the House Judiciary Committee released a report accusing the Trump family of profiting from cryptocurrency businesses such as WLFI and TRUMP, describing regulatory rollbacks, termination of enforcement, and pardons for related individuals as a form of benefit transfer, claiming their cryptocurrency assets were valued at up to $11.6 billion, with related revenues exceeding $800 million in the first half of 2025.In 2026, Ro Khanna investigated reports that members of the UAE royal family spent $500 million to acquire a 49% stake in WLFI, and whether this transaction was related to U.S. policies on AI chips in the UAE;