US Lawmakers Urge Trump to Stop Investing in Cryptocurrency to Protect Nation's Economy
Several US lawmakers have warned that President Trump's cryptocurrency dealings and Elon Musk's outsized influence are posing risks to the nation's financial stability, weakening oversight mechanisms and eroding public trust in government accountability.
US Lawmakers Warn of Trump's Involvement in Cryptocurrency and Musk's Growing Power
Four US senators, including Elizabeth Warren, along with Congresswoman Jamie Raskin, sent a letter to White House Chief of Staff Susie Wiles on March 17, expressing concerns about President Donald Trump's involvement in the cryptocurrency industry. The letter, signed by Warren (D-MA), Richard Blumenthal (D-CT), Jeffrey Merkley (D-OR), Chris Van Hollen (D-MD), and Raskin (D-MD), highlights Trump’s extensive financial ties to digital assets.
In the letter, the lawmakers note that Trump has moved from being critical of cryptocurrencies to “building a crypto empire.” They mention his TRUMP meme, which reportedly brought in nearly $100 million in transaction fees for his family and business partners in just two weeks, along with Trump’s company World Liberty Financial. They also express concerns about foreign influence and financial ties to Commerce Secretary Howard Lutnick, a major investor in cryptocurrencies.
Lawmakers warn that Trump and Lutnick could undermine financial regulatory efforts in the cryptocurrency market, even as the sector is showing warning signs of a potential financial bubble.
Musk’s Growing Power and Government Interference
The letter also raises concerns about Elon Musk’s growing power in the federal government. They claim that Musk’s influence has increased through Trump’s newly created Department of Government Efficiency (DOGE), allowing Musk to control key decisions. The senators point out that at least 11 federal agencies with pending investigations or complaints into Musk’s businesses have been affected, leading to reduced oversight and financial benefits for Musk.
One example cited is the Federal Aviation Administration's (FAA) consideration of canceling a $2.4 billion contract with Verizon and replacing it with Musk's Starlink, which raises concerns about personal gain taking precedence over regulatory integrity.
A Call for Action and Reform
The lawmakers called for immediate action to address these apparent conflicts of interest. They argued that Trump, Musk, and their appointees have a clear incentive to use public resources for personal gain, despite the potential harm to American workers.
They asked Trump to "commit to divest himself of his personal business interests," as every president in the modern era has done, and for Musk to release his financial statements to provide transparency about potential conflicts of interest.
The letter ended with an urgent call for reform, stressing that it is not too late for Trump to "put the national interest ahead of his personal dealings."
The White House has been asked to respond by March 31 on its plans to address these concerns.
Meanwhile, Trump and Musk supporters have argued that their involvement in cryptocurrencies is a driver of innovation, economic growth, and reduced government intervention. They see Trump’s policies on digital assets as a major step forward in encouraging financial independence and decentralized markets, while Musk’s influence over federal agencies is seen as a necessary change to reform complex and inefficient administrative processes.