Dem lawmakers gleefully plan to target Trump family crypto firm, businesses that worked with administration over past 2 years

Rep. Robert Garcia of California, who will chair the House Oversight Committee, sent out a statement on November 3, stating: "Lawyer up."

Garcia told Punchbowl News that the Democrats will come after the "Trump crypto schemes," "the ‘Red Wedding’ of Don Jr.,” and look into family members of Trump that are “sitting on boards and getting contracts.”

Democrats have historically been less supportive of cryptocurrencies and have sought to regulate them. The industry spent over $200 million trying to sway favor in the midterms.

World Liberty Financial (WLF), which is the cryptocurrency firm tied to the Trump family that was founded in 2024, is expected to be front and center in the crypto investigations. Democrats have talked about and focused on the investment of Sheikh Tahnoon bin Zayed Al Nahyan, who is a UAE national security advisor. He took a stake in the firm of 49 percent right before the January 2025 inauguration, per Bitcoin Magazine.

Currently, WLF is looking to secure a federal trust bank charter for the USD1 stablecoin. The Democrats have also talked about targeting the October 2025 pardon of Binance founder Changpeng Zhao. Zhao helped to launch USD1. The company was hacked last week, with over $6 billion stolen.

Democrats in the Oversight Committee will have subpoena power and will have the power to hold people in contempt. Rep. Jamie Raskin, who is poised to become the next chairman of the Judiciary Committee in the Democrat-controlled Congress, told the Washington Sun that Democrats also plan to go after "systems and networks of corruption, and to the extent corporations are involved, they are subject to the oversight project of Congress and our subpoena authority like everyone else.”

Raskin said that he will "go after the private corporations that are collaborating in all the lawlessness with Donald Trump" and that they will go after law firms that have "capitulated" to the Trump administration.

Senior Democrat staffers put together a 181-page dossier that identifies companies and executives to target once they take power, but Raskin downplayed the extent to which Democrats will target businesses.

Raskin told the New York Times that he plans to target the pardons that Trump has granted, corruption with public contracts, and the Trump family's cryptocurrency ventures.