Democrats Say Trump Turned White House Into an $800M Crypto Machine
Key Takeaways
- House Democrats released a 56-page report accusing the Trump administration of shaping U.S. crypto policy to enrich the Trump family.
- The report claims the family earned more than $800 million in early 2025 and now holds as much as $11.6 billion in crypto assets.
- Lawmakers say enforcement was softened, investigations were halted, and foreign investors with links to Trump ventures gained unusual access.
House Democrats are sharpening their focus on President Donald Trump’s deepening ties to the crypto industry, releasing a sweeping new report that argues the administration’s pro-crypto posture has doubled as a “crypto cash machine” for the Trumps.
The 56-page document , assembled by the Judiciary Committee’s Democratic staff, doesn’t introduce an entirely new storyline so much as it pulls together months of scattered developments into a single, sweeping narrative.
The report, assembled under the leadership of Ranking Member Jamie Raskin, argues that Trump and his family have effectively turned the crypto boom of 2025, however brief it may have been, into a personal profit engine.
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According to the committee, the family’s constellation of crypto ventures, including World Liberty Financial and the TRUMP token, generated more than $800 million in income during the first half of the year, with total reported holdings reaching as high as $11.6 billion.
A Presidency Entangled With Its Own Crypto Ventures
Much of what appears in the report builds on concerns Democrats have been raising since the earliest months of Trump’s second term, that the Trump family’s private crypto interests and the administration’s public agenda evolved in parallel.
The report highlights three legislative centerpieces:
Each bill, Democrats say, would ease regulatory burdens in ways that directly advance Trump-linked crypto businesses such as World Liberty Financial or the TRUMP token ecosystem.
They argue that White House decision-making “tracked closely” with the financial incentives of these ventures, and that key agencies adopted priorities that benefitted corporate partners tied to the Trump family.
Regulatory Pullback and Dropped Crypto Investigations
A primary focus is the speed at which federal regulators backed away from ongoing crypto enforcement actions.
The report lists seven high-profile companies whose SEC investigations were “halted, narrowed, or quietly terminated” after they made investments in or formed partnerships with Trump-connected ventures:
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Coinbase
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Gemini
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Kraken
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Ripple
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Robinhood
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Yuga Labs
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Crypto.com
Democrats argue the timing was too aligned to dismiss as a coincidence.
Several of these cases involved allegations such as unregistered securities offerings, anti-money laundering violations, or consumer protection issues.
The report says enforcement softened after leadership changes at the SEC, first under an interim chair and later under Acting Chair Paul Atkins, who reshaped the commission’s enforcement priorities.
Foreign Money, Foreign Access
Another section centers on foreign investments.
Investigators highlight a multi-billion-dollar deal involving Binance and an Abu Dhabi–linked investment group, in which Trump family intermediaries reportedly played a role connecting the parties.
The report presents this as one example among several where:
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Foreign capital flowed into Trump-affiliated crypto projects.
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The investors’ home governments had strategic interests in U.S. policy.
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Access to the administration appeared easier for entities involved.
Although the report does not allege criminal wrongdoing, Democrats describe the overlap as “a profound…
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