type: timeline_event
On November 25, 2025, Representative Jamie Raskin, Ranking Member of the House Judiciary Committee, released a 147-page staff report titled "Trump, Crypto, and a New Age of Corruption," documenting how President Donald Trump and his family earned more than $800 million from cryptocurrency ventures in the first half of 2025 alone, with total crypto holdings valued at up to $11.6 billion. The report found that the Trump family's cryptocurrency empire began with the January 2025 launch of the $TRUMP memecoin — which generated more than $300 million in initial sales while Trump retained 800 million of the 1 billion total coins — and expanded through World Liberty Financial (WLFI), which raised $550 million in token sales between September 2024 and June 2025, and a USD1 stablecoin that generated additional revenue streams. A blockchain analysis of the 50 largest WLFI token wallets found that 36 wallets valued at $804 million were likely connected to overseas buyers, including entities linked to Russia, China, Saudi Arabia, and the United Arab Emirates.
The report documented a systematic pay-to-play pattern in federal cryptocurrency regulation. The Trump administration dissolved the Department of Justice's National Cryptocurrency Enforcement Team in February 2025, halted enforcement actions against Coinbase, Gemini, Robinhood, Ripple, Crypto.com, Uniswap, Yuga Labs, and Kraken, and directed the Treasury Department's Financial Crimes Enforcement Network to halt suspicious activity reporting requirements for cryptocurrency transactions. Internal communications cited in the report showed that companies explicitly discussed investing in WLFI tokens as "regulatory insurance" providing "access to decision-makers." White House Chief of Staff Susie Wiles personally intervened to halt a Securities and Exchange Commission inquiry into whether WLFI tokens constituted unregistered securities. At least 27 federal employees who resisted pressure to close investigations into Trump family crypto interests were reassigned, demoted, or terminated.
The report also documented policy decisions that appeared to directly benefit the Trump family's cryptocurrency holdings. In March 2025, Trump signed an executive order establishing a U.S. cryptocurrency strategic reserve using taxpayer funds to purchase Bitcoin and other digital assets — a move that inflated the value of Trump family crypto positions. Shortly after Saudi entities invested $240 million in WLFI tokens, the administration approved advanced weapons sales to Saudi Arabia previously blocked on human rights grounds. The report estimated retail investors lost at least $2.3 billion on the $TRUMP memecoin, with many Trump supporters among those who suffered losses after the token's value declined more than 90% from its peak. Representative Raskin called for a special counsel investigation and announced plans for additional hearings, describing the findings as "the most significant corruption of federal office in American history."