Sen. Richard Blumenthal done wrote some letters to Trump-affiliated big shots, asking about their businesses, and WLFI called some of his assertions inaccurate. May 16, 2025, 3:39 p.m. World Liberty Financial, the crypto biz tied to President Donald Trump and his family, ain’t too happy ’bout the scrutiny from U.S. Senator Richard Blumenthal, the top Democrat on a panel lookin’ into corruption and mismanagement.
“WLFI ain’t lurkin’ in the shadows,” according to a letter the company’s lawyers sent to the Connecticut senator. “It’s buildin’ a next-gen, auditable financial infrastructure rooted in American trust, rule of law, and economic leadership.” Blumenthal aimed his letter at co-founder Zach Witkoff — set to show up alongside fellow co-founder Zak Folkman and Eric Trump at Consensus 2025 in Toronto on Friday — and asked ’bout the ownership and investment structure for Trump-related entities, includin’ WLFI and Fight Fight Fight LLC, the company behind the TRUMP memecoin. Since he ain’t in the majority party, Blumenthal’s probe don’t carry the full force of the Senate’s Permanent Subcommittee on Investigations, a panel housed within the Committee on Homeland Security and Government Affairs.
The WLFI response said Blumenthal’s request “contains inaccuracies and fundamental flawed inferences that we will not address in full,” but the lawyers offered the example that WLFI has no affiliation with Fight, Fight, Fight LLC. “The company rejects the false choice between innovation and oversight,” the letter said. “What it opposes is the misuse of regulatory authority and uncertainty to suppress lawful innovation.” The president’s son, Eric, who is listed as a Web3 ambassador on the WLFI website alongside his father, the “chief crypto advocate,” also appeared at Consensus 2025 on Thursday to explain how he entered crypto and why he launched a mining firm set to go public via a merger. “We have come to love the crypto community, and I think the crypto community has really come to love us,” he told a crowded house in Toronto. “We’re so proud to be a big part of it.” The Trump family’s crypto ties have also been raised by Senate Democrats objecting to digital assets legislation working its way through Congress. Even so, a stablecoin regulation bill is expected to come up for a key vote next week. Read More: Eric Trump Says He Got Into Crypto Amid Political Attack, Calls Bitcoin ‘Digital Gold’
Jesse Hamilton is CoinDesk’s deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade coverin’ Wall Street regulation at Bloomberg News and Businessweek, writin’ ’bout the early whisperings among federal agencies tryin’ to decide what to do ’bout crypto. He’s won several national honors in his reportin’ career, includin’ from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings. X icon )
