--- title: "Trump in Danger as Democratic Majority Takes Aim at His Crypto Empire" description: "Following a Democratic sweep in last week's midterm elections, Trump's crypto empire could be facing some major political headwinds." date: "2026-11-11" modified: "2026-11-11" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor.md" url: "https://futurism.com/future-society/trump-democratic-majority-takes-aim-crypto-empire" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" - "NFTs" --- # Trump in Danger as Democratic Majority Takes Aim at His Crypto Empire ![President Donald Trump in the Oval Office.]() *Rawpixel.com / Shutterstock* For years now, we've watched as president Donald Trump and his family have enriched themselves by [launching dubious cryptocurrency schemes]() — at the same time that the White House should be holding the industry accountable. There's serious money at play. Trump and his family made off with [nearly $3 billion]() during the first year of his second term alone, [raising major flags]() among transparency and ethics advocates. But following a Democratic sweep in last week's midterm elections, Trump's crypto empire could now be facing some major accountability. And investors are already getting spooked: as [*Gizmodo* points out](), crypto ventures with direct ties to the president, including World Liberty Financial and the memecoins [$MELANIA and $TRUMP]() are [hitting all-time lows]() after the elections. The crypto industry overall [spent about $170 million]() in its attempts to boost Republican candidates in the midterms, but ended up getting trounced. "This is an awful night for crypto," one industry lobbyist [told *Politico*](). "From a Hill perspective, they are going to be lit on fire against crypto." Democrats are gearing up to take control of both chambers of Congress in January, and it's likely we'll see them go after the president's crypto endeavors. Senator Elizabeth Warren (D-MA), who has accused Trump of naked "[corruption]()" by turning one of his crypto businesses [into a bank](), is already reportedly gearing up to kick off a fight. "Big Tech CEOs, Administration officials, Trump family crypto businesses, Wall Street executives, and giant corporations should preserve their documents and prepare to answer tough questions," an unnamed aide for the Senate Banking Committee, which Warren is poised to take over in January, [told *Politico*]() in a separate story. "You’re going to see a lot of ​investigations," Stifel chief Washington policy strategist Brian Gardner [told *Reuters*](). Banks are also preparing to assist in upcoming probes into Trump's crypto ties — and corporate donors could be the first to be investigated. Last week, Democratic senator and oversight panel member Richard Blumenthal sent off some early warning shots [in the form of a letter]() addressed to a number of crypto companies — including the Trump family's World Liberty Financial — informing them that they could soon be forced to produce documents. The companies "failed to adequately respond to the Subcommittee’s requests and have not produced any responsive records," the letter reads. If they don't "voluntarily produce the requested records and information by January 4, 2027," it'll "leave the Subcommittee with no choice but to consider alternative measures to obtain compliance." Congressman and House Committee on Oversight and Government Reform member Robert Garcia (D-CA) put it even more bluntly. "LAWYER UP," he [tweeted]() following the midterm elections. **More on Trump and crypto:** [*Investors in Trump’s Crypto Coin Are Now Screwed Beyond Belief*]() ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]() ## More - [This Country Plans to Be the First to Accept Bitcoin as Legal Tender]() - [The Stock of Trump’s Tech Company Is Crashing So Hard It Isn’t Even Funny]() - [Bitcoin Finally Finds Practical Use: Kidnapping Senior Citizens for Ransom]() - [Experts Say Bitcoin’s Crash Is Only Getting Started]() - [Bitcoin Developers Are Debating a Move That Could Send Crypto Markets Into a Tailspin]() - [An Entire Country Switched Over to Bitcoin and It’s Turned Into a Disaster]() - [It Has Never Been Less Profitable to Mine Bitcoin, JPMorgan Finds]() - [Tucker Carlson Says the CIA Created Bitcoin]()