U.S. Senators Criticize Trump's Crypto Business..."Not Worth the Paper It's Printed On"

▲ Elizabeth Warren, Bitcoin (BTC), Donald Trump/ChatGPT generated image

U.S. Senators Bernie Sanders and Elizabeth Warren have directly criticized the cryptocurrency business of former U.S. President Donald Trump's family and the allegations of leveraging political influence. The two senators claimed that the Trump family gained billions of dollars in profits through business activities linked to the presidency and pressed that cryptocurrency regulations that fail to address the president's pursuit of personal gain are ineffective.

According to Benzinga on May 8, local time, Sanders and Warren escalated their criticism, targeting the Trump family's business dealings on Thursday. Warren stated in a post on X (formerly Twitter) that legislation that fails to address the president's pursuit of personal gain is "not worth the paper it's printed on." Warren argued that while crypto projects linked to the Trump family quietly cashed out, ordinary investors bore the losses.

Sanders also raised the same issue. Sanders claimed that Trump and his family earned approximately $4 billion through business activities related to the presidency. Sanders explained that over $3 billion of this was connected to cryptocurrency businesses. He criticized Trump, stating that a president should improve the financial lives of all Americans, not just his family and a few oligarchs.

At the center of the controversy is World Liberty Financial (WLFI), a cryptocurrency project linked to Trump. Benzinga reported that World Liberty Financial is known to have raised over $550 million through token sales. Furthermore, reports of an additional sale of 5.9 billion tokens to private investors led critics to raise concerns that the terms of the sale might have been disproportionately favorable to insiders.

The possibility of unlocking approximately 62 billion tokens in the future has also become a point of attack for politicians. Observers have raised concerns that if these tokens are released, early investors or insiders could later cash out significant holdings. The controversy surrounding World Liberty Financial's token sales and unlocks, coupled with the issue of the Trump family's wealth accumulation, has emerged as a key issue in the cryptocurrency regulation debate.

Benzinga also cited an analysis by New Yorker writer David Kirkpatrick. Kirkpatrick observed that Trump began both his first and second terms under financial pressure, but his financial outlook improved dramatically within about six months of his second term. He reported that, based on conservative estimates, Trump and his family earned nearly $4 billion through businesses related to his time in office over approximately one year. The White House did not immediately respond to Benzinga's request for comment.

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