Representative Jamie Raskin, the top Democrat on the House Judiciary Committee, has released a partisan report titled "Trump, Crypto, and a New Age of Corruption" on November 24, 2025, accusing President Donald Trump and his family of using the White House as a "personal money-making machine" through cryptocurrency ventures.
The report alleges that the Trump family earned over $800 million from crypto sales in the first half of 2025 alone, with total crypto holdings reaching $11.6 billion. It claims foreign nationals and state-backed groups, including Chinese-born crypto billionaire Justin Sun and his associated Tron blockchain, invested heavily in Trump-connected tokens like World Liberty Financial (WLFI), MELANIA, and the TRUMP token, in exchange for political favors.
Alleged favors include shutting down the Department of Justice's National Crypto Enforcement Team in April 2025, lifting sanctions on Tornado Cash, and quietly terminating investigations into major crypto firms such as Coinbase, Gemini, Ripple, and Kraken. The report also highlights Trump's pardons for Binance founder Changpeng Zhao (CZ) and BitMEX founder Arthur Hayes.
Raskin warned that Congress must act to prevent "foreign actors and wealthy insiders" from rewriting laws for profit, while some crypto traders praise Trump for fostering a bullish market, including Bitcoin's rise to $125,000, and pushing for clearer regulations.
