A congressional report alleges that the Trump administration has generated more than $800 million from cryptocurrency-related projects as early as 2025.
The report said the Trump family's total Cryptoasset have grown to $11.6 billion, alleging that foreign actors and state-affiliated entities have invested in the family's projects in exchange for policy favors.
Cryptocurrency projects and foreign investment
On November 25, 2025, Democratic members of the House Judiciary Committee released these findings. They allege that President Trump used his position to further his family's cryptocurrency interests while reducing the intensity of investigations and halting federal investigations into the industry.
A report from Rep. Jamie Raskin describes the Trump family's accumulation of billions of dollars through cryptocurrency schemes fueled by foreign investments and regulatory changes.
Trump family projects include World Liberty Financial (WLF), the WLFI Governance Token , the USD1 stablecoin, and the TRUMP meme coin . These projects have attracted large investments from foreign individuals and entities.
The allegations include:
- The WLFI Token Sale raised $550 million in March 2025,
- USD1 stablecoin reaches $2.7 billion market Capital .
- The meme coin TRUMP brought in $350 million in transaction fees and peaked at $75 before crashing.
World Liberty Financial was founded by Eric Trump, Donald Trump Jr., and Barron Trump, along with business partners Zach and Andrew Witkoff, according to documents from the House Financial Services Committee.
Foreign investors include Justin Sun, founder of TRON , who invested $30 million in late 2024 and later expanded his stake to $75 million, becoming the largest shareholder .
Other major investors, said to have links to Chinese state entities and the UAE royal family, include Guren Bobby Zhou, Aqua 1, MGX and DWF Labs.
The investigation identified China's CNPC and UAE entities, including those linked to Sheikh Tahnoon, as key contributors to Trump projects.
The report outlines a pay-for-access scheme involving a dinner contest featuring the meme coin TRUMP , which raised $148 million.
Top buyers get the chance to attend meetings at the White House and golf courses, with some winners being foreign citizens. Additionally, Trump Media & Technology Group has revealed a $2.5 billion bitcoin holding, deepening the family’s association with cryptocurrency.
Regulatory rollbacks and enforcement actions
The Trump administration has made major regulatory changes to digital assets. In January 2025, President Trump rescinded Executive Order 14178, a major Biden-era policy.
By March, a Strategic Cryptocurrency Reserve was created, marking a major shift in the federal government's approach to cryptocurrencies.
In April 2025, the Department of Justice disbanded the National Cryptocurrency Enforcement Team (NCET). Deputy Attorney General Todd Blanche issued a Mnemonics formally ordering the immediate disbandment of the specialized team.
This action ends “regulation by prosecution” in cryptocurrency enforcement. The Computer Crime and Intellectual Property section remains active, but the dedicated enforcement team has been eliminated.
SEC and DOJ lawsuits and enforcement actions targeting major politically connected crypto companies have stalled. Beneficiaries include Coinbase, Gemini, Robinhood, Ripple, Crypto.com, Uniswap, Yuga Labs, and Kraken.
In February 2025, the SEC ruled that meme coins were not securities, ending oversight of these digital assets.
The administration also pardoned individuals involved in Trump's cryptocurrency projects. Changpeng Zhao (CZ) , founder of Binance, received a presidential pardon after entering into business relationships with Trump family companies .
These pardons and sanctions rollbacks reportedly directly benefited supporters of Trump's projects.
Constitutional and legal concerns
Congressional investigators warn that the situation exposes deep flaws in US anti-corruption, campaign finance and conflict-of-interest laws.
The report questioned whether the Foreign Gift Clause, which prohibits federal officials from accepting gifts or payments from foreign governments without congressional approval, was violated.
Lawmakers argue that current laws fail to effectively prevent conflicts of interest and foreign influence in the cryptocurrency sector.
The juxtaposition of policy changes and business initiatives has raised concerns among investigators. World Liberty Financial announced the USD1 stablecoin shortly after Trump endorsed the GENIUS Act, a major stablecoin bill that was fast-tracked through Congress by 2025.
The full staff report includes a timeline showing events around policy changes, outreach, and investments.
The investigation relied on reporting from TradFi and crypto media to verify published figures and policy actions.
The report documents how previous opposition to crypto shifted to positive industry support as money flowed into campaign channels and family businesses during and after the 2024 campaign.
Democrats on the House Judiciary Committee are calling for urgent congressional reform, highlighting the unprecedented scale of self-enrichment and foreign influence through cryptocurrencies.
The report highlights the national security, legal and ethical risks posed by foreign and corporate money bypassing anti-corruption safeguards.
It remains unclear whether the allegations will lead to new laws or further investigations as political wrangling continues.
